BTC Breakout - Retest the channel low?
Bitcoin looks like it has broken out of the symmetrical wedge pattern. I guess this is people realizing that Tesla not accepting payment of bitcoin to buy one of their cars is not that big a deal. This emotional overreaction to Elon's Tweets is getting a bit silly now. It really does not change anything and you should apply logic instead of emotion to your investment decisions.
Anyway with that said and done I think we could see bitcoin test the bottom of the channel that it was happily ranging in before Elon's Tweet which will be around £54,000 - $55,000. If however, we begin suddenly begin to fall or Elon Tweets again. We could see a sharp pullback to around $42,000 - $46,000 where we would begin to build a support zone for the next rally up.
If we do test and re-enter the channel, I expect us to continue ranging between the top and bottom of the channel (White Lines) until we reach and re-test the all-time highs again. This is what I was expecting to happen prior to Elon's Tweet.
I will keep monitoring bitcoins' progress, hopefully, we don't have any more unpredictable events that manipulate the price of bitcoin. Elon has really started to p*ss some people in the crypto community off lately, he needs go back to working on Tesla's FSD software and concentrate on getting starship into orbit instead of meddling in the crypto world.
Anyway with that said and done I think we could see bitcoin test the bottom of the channel that it was happily ranging in before Elon's Tweet which will be around £54,000 - $55,000. If however, we begin suddenly begin to fall or Elon Tweets again. We could see a sharp pullback to around $42,000 - $46,000 where we would begin to build a support zone for the next rally up.
If we do test and re-enter the channel, I expect us to continue ranging between the top and bottom of the channel (White Lines) until we reach and re-test the all-time highs again. This is what I was expecting to happen prior to Elon's Tweet.
I will keep monitoring bitcoins' progress, hopefully, we don't have any more unpredictable events that manipulate the price of bitcoin. Elon has really started to p*ss some people in the crypto community off lately, he needs go back to working on Tesla's FSD software and concentrate on getting starship into orbit instead of meddling in the crypto world.
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