Bitcoin monthly scenario(still got work to do)
Updated
As bitcoin heads for its third monthly close in green, its price action for 2022 remains the same as for the most part of 2021: sideways. Recent bounce off the 20M SMA & 21M EMA-which historically has been an important range for market cycle continuation- gave the bulls a sense of superiority.
If bitcoin successfully manages to close above 48000$ & form a monthly pivot , stars will align for an upward movement to 58k to 60k range. However, if bitcoin closes the month below 48k , party will get delayed & other market factors should be taken into consideration.
If bitcoin successfully manages to close above 48000$ & form a monthly pivot , stars will align for an upward movement to 58k to 60k range. However, if bitcoin closes the month below 48k , party will get delayed & other market factors should be taken into consideration.
Comment
Monthly candle closed below 48k but our scenario could still play out as the price action & market sentiment slightly favors the bulls. BTC has been rangebounding between 33k & 48k for the third month in a row, forming a monthly base.Weekly close above the base after a trend shift(on lower time frames) at 40.5k to 42.5k range will signal the start of our long-awaited rally.
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