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With the new moon Bitcoin is once again heading higher
Nevertheless, nothing is very stable right now and 15-16k could still be happening in the next months. Once again Bitcoin is trading in a consolidation zone which has always broken to the downside over the last half a year.
As talked about last month we are still in the "green zone" in which I think BTC will be trading for the foreseeable future. Currently, we are at the top of that range, with room to the downside.
This range was established by the trend lines connecting the lows of the previous bull cycle on the monthly and weekly scale. I am quite confident that price will stay here.
There are many resistances coming up. The trend lines from the previous highs are generally could indicators for resistance as shown here. We could therefore again head for ~23k only to head lower which seems to be he overall pattern. If so, the chances for a bigger correction rise.
I still think these two scenarios are the most likely onces since most people think that with the onse of a recession a bigger correction is still down the line.
This would have BTC heading to 15-16k over the next few months. From then on I would expect the onset of the next real rally. This wouldn't be a bear rally, but the first bull rally of the new cycle and would probably commence sometime in fall/winter of 2022.
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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