Bitcoin’s on a tear, currently pushing toward a massive resistance at $77,000. While the momentum is strong, many traders seem to be overlooking this critical weekly trendline, which could pose a significant challenge in the short term.
Here’s my outlook:
• $77K Weekly Resistance: Expecting a brief pause or even a retracement here. This level has historically been a key pivot point and could act as a temporary cap on the recent bullish surge.
• Next Monthly Resistance at $79K: If we break through the weekly resistance, we’re likely to retest $79K quickly. This is the next big level to watch on the higher timeframes, as it may signal the last pause before the final leg up.
• Blow-Off Top Between $95-110k: Beyond $79K, I’m eyeing the potential for a blow-off top, with the final move targeting the $95-110k range. This would align with typical Bitcoin cycle peaks, where parabolic advances often reach unsustainable levels before a larger correction.
Again, I expect this cycle to top out earlier than many expect. I’m looking to the FOMC for guidance; another 50bps cut would likely confirm that behind the scenes, things are falling apart.
In summary, be cautious around $77K, but if we break through, the path to $100K could open up quickly. This run looks poised for a strong finish, but we’re in for some turbulence as we approach these key resistance levels.
Trade wisely and stay alert for sudden reversals.
Here’s my outlook:
• $77K Weekly Resistance: Expecting a brief pause or even a retracement here. This level has historically been a key pivot point and could act as a temporary cap on the recent bullish surge.
• Next Monthly Resistance at $79K: If we break through the weekly resistance, we’re likely to retest $79K quickly. This is the next big level to watch on the higher timeframes, as it may signal the last pause before the final leg up.
• Blow-Off Top Between $95-110k: Beyond $79K, I’m eyeing the potential for a blow-off top, with the final move targeting the $95-110k range. This would align with typical Bitcoin cycle peaks, where parabolic advances often reach unsustainable levels before a larger correction.
Again, I expect this cycle to top out earlier than many expect. I’m looking to the FOMC for guidance; another 50bps cut would likely confirm that behind the scenes, things are falling apart.
In summary, be cautious around $77K, but if we break through, the path to $100K could open up quickly. This run looks poised for a strong finish, but we’re in for some turbulence as we approach these key resistance levels.
Trade wisely and stay alert for sudden reversals.
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