Bitcoin weekly update
#Bitcoin Weekly Closed with a big Red candle.
But this has happened before in August 2023 but while there are some loose similarities with the Ranges then and now, we currently seems to be a lot more Volatile.
The Low to High of that range in 2023 saw approx a 24% see saw.
We currently have a 37% see saw and we may yet go lower But we do seem to have found a line of support on the 3 Fib extension.
In 2023, it was the 1.236 Fib extension and we ranged along that for 3 weeks after that Big red candle before a significant sign of change.
If we do that now, we will have a shorter range than that one but that takes us to August, where many, including myself, feel that change will happen. We just do not know when in August and it may not be Till Sep.
If we do follow the 168 day range from 2023, that takes us to the last week in August.
The Weekly MACD has been falling nicely also and that Will reach Neutral in the 2nd week of Sep, If PA continues as is.
So I am certainly expecting change between those times. A move earlier Will not have the backing it requires to push through that 72K Wall
All of this also relies Heavily on market sentiment, which is currently Fear........
IT is a good time to BUY if you are happy that PA will be unpredictable and if you believe BTC Will win in the end and climb higher.
For me, and this is my opinion, The Bull Run has not even begun yet...........
But this has happened before in August 2023 but while there are some loose similarities with the Ranges then and now, we currently seems to be a lot more Volatile.
The Low to High of that range in 2023 saw approx a 24% see saw.
We currently have a 37% see saw and we may yet go lower But we do seem to have found a line of support on the 3 Fib extension.
In 2023, it was the 1.236 Fib extension and we ranged along that for 3 weeks after that Big red candle before a significant sign of change.
If we do that now, we will have a shorter range than that one but that takes us to August, where many, including myself, feel that change will happen. We just do not know when in August and it may not be Till Sep.
If we do follow the 168 day range from 2023, that takes us to the last week in August.
The Weekly MACD has been falling nicely also and that Will reach Neutral in the 2nd week of Sep, If PA continues as is.
So I am certainly expecting change between those times. A move earlier Will not have the backing it requires to push through that 72K Wall
All of this also relies Heavily on market sentiment, which is currently Fear........
IT is a good time to BUY if you are happy that PA will be unpredictable and if you believe BTC Will win in the end and climb higher.
For me, and this is my opinion, The Bull Run has not even begun yet...........
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