BTC consolidating for an upward move?
As we can see, BTC in this ascending wedge pattern of consolidation. It needs to make a higher low and stay above the orange trend line. A break and hold of the 44000 level at the volume point of control is what I'm looking at for continuing onward and upward. Drops below the recent lows invalidates this thesis and we could see a test of the 30k-32k area. Also note that average volume is increasing.
Personally, I feel that it will hold and grow, only reinforced by the recent geopolitical issues as well as people beginning to realize what a scam fiat currencies are. Doubters and haters say well it's not based on anything how can it be worth anything. HELLO, the dollar is based on what exactly? Not gold or any other hard asset but simply because the US government says it worth something. As it is, central banks can simply print more money and create $$$ out of thin air. BTC's value proposition would instantly disappear should there be provisions for increasing supply whenever we felt like it. My 2 shib worth anyway.
Personally, I feel that it will hold and grow, only reinforced by the recent geopolitical issues as well as people beginning to realize what a scam fiat currencies are. Doubters and haters say well it's not based on anything how can it be worth anything. HELLO, the dollar is based on what exactly? Not gold or any other hard asset but simply because the US government says it worth something. As it is, central banks can simply print more money and create $$$ out of thin air. BTC's value proposition would instantly disappear should there be provisions for increasing supply whenever we felt like it. My 2 shib worth anyway.
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