🅱️ Bitcoin Daily | Last Resistance Before 80,000... Or 30/32K

Bitcoin is facing a major resistance level... The last resistance.

This is a make it or breakdown moment...

👉 If BTCUSD can move above this major resistance and stay there for 1-2 weeks, then the doors open for higher prices. On the other hand, if this level cannot be conquered, a retrace can develop.

How are you doing my fellow Cryptocurrency trader?
Let's go deeper and look into the details... Feel free to boost to get started!

Here we have a "cup", as in a giant cup and handle pattern:

➖ We are only missing the handle and this is a bearish signal (1).

➖ Trading volume peaked January 2023, it has been dropping ever since —another bearish signal (2).

➖ The RSI peaked January 2023 and has been producing lower highs while Bitcoin peaked January 2024 producing higher highs; a strong long-term bearish divergence. This counts as a bearish signal (3).

➖ As Bitcoin consolidates, the Altcoins are weak. When Bitcoin is set to continue its uptrend but goes sideways, the Altcoins tend to move up strong, the fact that the Altcoins are weak after months of consolidation by Bitcoin is considered a bearish signal (4).

➖ Bitcoin has been growing since November 2022. The last impulse started September 2023, 5 months ago... The market alternates through cycles and within these cycles we have waves. It is normal to see corrections within impulses, the market never moves straight up (5).

➖ The launch of the Bitcoin Spot ETFs is major bearish development short-term (6).

What about bullish signals?

➖ We have a confirmed uptrend, higher highs and higher lows.

➖ Great fundamentals.

What's your take?
Do you agree with these signals?

How long have you been trading Cryptocurrencies?
How long have you been reading the charts?

Have you ever been wrong?
Have you always been right?

The market can always surprise!

Namaste.

交易進行:

We are active. This chart better shows our view for the next move.
We continue bearish (down/red) for February & March 2024.

Patience is key.