Good day Hiveians!
Join me in analyzing the crypto markets!
A week ago BTC started its rally of 40%+
Since then there have been almost 10 days of green. Does it still have enough momentum to push upwards?
So far it has traded perfectly between the long trend lines coming all the way back from 2020
But there is (at least) a quadruple resistance coming up: 3 trend lines converging in on this position, plus a price range that has shown to prove difficult to overcome
For this reason, I think BTC will not reach significantly higher. My guess is a max of 45k. Far more likely is a correction down to about 37k. I think the pattern from the previous ATH could be a similar fractal for the current position:
I would therefore argue for such a possible scenario:
For me the question is rather, if the trend line in the bottom will hold. As pointed out previously, I think there is a good chance that all of this movement was an A-B-C correction pattern. If so, we still could see about 23k in the near future.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
