50%+
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Bitcoin is sitting comfortably above critical key levels
Just last week I argued (and even further back) that 37k was a key level for Bitcoin. So far it has held, although price came very close to breaking it. Seems like people want to live dangerously these days... What this means is that we are still in a bull market. Although we have had 50%+ corrections over the last months price has had higher lows which is bullish.
Now that price broke out of the downward trend of the most recent bigger correction and the weekly candle is set to close above this key level, everything is looking like we are going to get several weeks of green candles to finally reach 100k. Obviously the world is in chaos right now, so nothing is guaranteed. But in my opinion it is looking very favorable for a bigger upward push (and perhaps the final push for this bull cycle).
We are waiting for this last candle to close in green. This would be a confirmation of the longer supporting trend line as well as the shorter resistance trend line from early 2022.
Up close we can see that price is trading in a dowanward facing triangle with some more room to the bottom. Prices could spike downward to 36k again, but it would have to recover for the bullish scenario to play out. There is a good possibility for price to continue to trade in this triangle for several weeks before we get a confirmation. The path shown here is the best case scenario.
On a final note, we are currently in the bearish short term moon cycle which will last for another week or so. So fingers crossed that a potential further dip won't invalidate the macro bullish signal.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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