Bitcoin does exactly what the bitcoin chart says it will do. Fundamentals can be misleading alot of times but price action tells you the true story almost all the time.
Follow price action and be abreast with fundamentals.
The weekly chart of bitcoin shows a pin bar candle closure for the week, having retraced about 50% of its entire upwards swing from $48,000 to $109,000.
It filled up almost 80% of the gap it left in parabolic move to its local top.
The pin bar is one of the major reversal candles for market tops and bottoms. So having this candle print for the week, I know that the bottom is in for bitcoin but we are likely to experience some consolidation for a couple of days before it pumps up eventually but I don't see price going below $76,417 anymore because that will invalidate the setup and send price lower.
If this level holds bitcoin is positioned for another strong upwards rally, targeting the $150,000 level.
Market participants should keep a close eye on the chart as it remains the most reliable indicator. While news and narratives can create temporary volatility, the chart tells you everything you need to know to take calculated risk on the market.
I believe in the news, but I follow the price.
See y'all.
