- Let's zoom out and take a look at the weekly timeframe
- The price couldn't break the main downtrend line. Could say this is another false breakout just like May 2019
- On the other hand, come this time the market is very bullish. Just had the Bitcoin halving we've all been waiting for since it last halved in 2016, and da global pandemic with J Pow going brrr with the money printer
- Right now is the decision point for Bitcoin. Are we going to see a dump back down to $7750 or continued consolidation along $8650 until it breaks out sideways of this downtrend
- I think the latter. Can see this by the MACD weekly confirming trend reversal we're about to go up
- The next few weeks is crucial, if Bitcoin dumps it's going to stay low price all summer going into the fall
- Currently waiting on this monthly close to tell us where price is going, close above $8650 will be good going into the summer
- Everybody still calling $4000 Bitcoin has a small balance, bears had their shine during coronavirus.
Thank you bears for your money!!!! Long since $4800 1st touch of the uptrend.