Into at least the first half of 2022 I'm bullish on cryptocurrency due to inflation expectations. The $4385 price point, being the May 12th all time high, has established itself as a key psychological level. After failing as support on Nov 16th, multiple attempts to break it have failed.
Today, we once again broke $4385, and for the first time the level has successfully held as support when tested on the hourly timeframe. To me, this indicates the past two weeks' accumulation phase is nearly complete.
If today's daily candle closes above it, I'm long to the $4771-$4868 region. For more conservative traders, I would recommend waiting for two daily candle closes.
Today, we once again broke $4385, and for the first time the level has successfully held as support when tested on the hourly timeframe. To me, this indicates the past two weeks' accumulation phase is nearly complete.
If today's daily candle closes above it, I'm long to the $4771-$4868 region. For more conservative traders, I would recommend waiting for two daily candle closes.