BTC Consolidation: Breakout Scenarios
Flat triangle with consolidation below 7k and higher lows.. this is BULLISH!
Breakout should take us to at last 7600, with the mid 8k wicks possible.
If we get that, a test to the low 7s is possible but it could easily become a violent move takings near 10k, shown in the second move.
Falling below 6500 will probably take us to 6k or even lower. A bullish breakout will likely signal bottom is in. FOMO could get crazy this soon before the halving i market agrees mar 12-13 was bottom.
A failed breakout or a bearish week will require reassessment, i don't expect a second bearish move to take us beyond 5700 ATM, but it we get to 5800 zone we'll reassess.
April 6-13 is the decisive week. My bias, based on some fundamentals, is bottom is in, too many hands got shaken out for another illiquidity event IMO and sub 6k btc is gone for good.
Breakout should take us to at last 7600, with the mid 8k wicks possible.
If we get that, a test to the low 7s is possible but it could easily become a violent move takings near 10k, shown in the second move.
Falling below 6500 will probably take us to 6k or even lower. A bullish breakout will likely signal bottom is in. FOMO could get crazy this soon before the halving i market agrees mar 12-13 was bottom.
A failed breakout or a bearish week will require reassessment, i don't expect a second bearish move to take us beyond 5700 ATM, but it we get to 5800 zone we'll reassess.
April 6-13 is the decisive week. My bias, based on some fundamentals, is bottom is in, too many hands got shaken out for another illiquidity event IMO and sub 6k btc is gone for good.
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