Bullish Above 53.2k on HTFs?
Updated
Very simple theory. 53.2k has been an area of contention for Bitcoin. Hold above it to remain bullish, lose it to continue down.
It became bearish when it lost 53.2k back in November of 2021. Just prior to that it tested that level after dropping from its April 2021 ATH, dipped, and then broke above it to make Nov 2021's ATH.
Back in February of this year that level again acted as a resistance to a move up and a 3rd ATH.
Since then we've dipped back to that level and.. so far.. remained above it.
It became bearish when it lost 53.2k back in November of 2021. Just prior to that it tested that level after dropping from its April 2021 ATH, dipped, and then broke above it to make Nov 2021's ATH.
Back in February of this year that level again acted as a resistance to a move up and a 3rd ATH.
Since then we've dipped back to that level and.. so far.. remained above it.
Comment
Also interesting that 53.2k is the exact center of a support level drawn from ATH 1 to the March/April 2022 peak just before the extended downturn that lasted until Nov.You might call this something like, center of a ATHs fair value gap:
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