Bitcoin at Crucial Support
Updated
Since the triangle "real-breakout", we have made about half the measured move, only to retrace to previous resistance (R1).
If we can hold R1 this week, there is a strong potential to complete the measured move at 78K.
However, according to the Squeeze Momentum indicator, there is a bearish thrust that could last a few months.
https://www.tradingview.com/chart/BTCUSD/jmSasFqz-Squeeze-Momentum-Indicator/
As this is a weekly indicator, it will be key to hold R1 through this weekend.
If we can hold R1 this week, there is a strong potential to complete the measured move at 78K.
However, according to the Squeeze Momentum indicator, there is a bearish thrust that could last a few months.
https://www.tradingview.com/chart/BTCUSD/jmSasFqz-Squeeze-Momentum-Indicator/
As this is a weekly indicator, it will be key to hold R1 through this weekend.
Note
Failed R1, and confirmed bearish weekly signal on the Squeeze Momentum Indicator.48K could be the next support, but I expect we test S1 at 42.5K
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