My technical chart tells me we’re testing a new peak at 76k.
$Bitcoin (BTC.CC)$ has had a wonderful breakout from the 8-month bull flag. Hence, as we zoom out to predict the next major resistance of BTC, we needed to lengthen the timeframe to a 5-year view.
Based on the trendline from 3 previous peaks of BTC:
Apr'21: 64k
Oct'21: 70k
Mar’24: 74k
Oct'21: 70k
Mar’24: 74k
We’ll see BTC hitting the trendline, 5-year strong resistance at 76k. In my view, a new peak has formed at this range due to:
(i) Overbought conditions
(ii) Long-term trends are more reliable
(iii) Lowering volumes signalling exhaustion and price action divergence
(iv) USD regaining strength despite rate cuts
(ii) Long-term trends are more reliable
(iii) Lowering volumes signalling exhaustion and price action divergence
(iv) USD regaining strength despite rate cuts
Trade cautiously and remember to avoid fake breakouts. Godspeed.
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I’ll like a glass of wine, some crayons and a typewriter
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