The FUD keeps subsiding and recovery signs are emerging 👀
Bitcoin is the dominant crypto currency and the whole market is somewhat depending on the health of the Bitcoin price chart.
Bitcoin dropped by 50% from its previous ATH around 68k within 3 months.
Since then we are consolidating into a wedge pattern with a ceiling around 45k and a rising floor currently around 39k.
Bearish stuff:
We are below the weekly bull market support band which currently ranges from 43k-47k.
Currently we are not able to break the 45k level and a further decline could send us back to lower lows.
We did not create higher highs yet and are in a consolidation phase during a down trend.
We are below the 100MA and 200MA.
Bullish stuff:
Since February we are consolidating with a rising floor.
We broke the downtrend for price and on the RSI.
Trading volume is increasing since the start of 2022.
We are still above the macro support level of 30k.
Price is above the 50MA.
We believe that the people that hold through these hard times will get rewarded.
What is needed is patience and endurance.
Bitcoin got additional attention during the Russian invasion in Ukraine.
People could use Bitcoin but have trouble withdrawing their fiat currency.
Donations are also made using cryptos which leads to additional attention.
Ukraine legalized cryptos because of that.
The FED started with rate hikes and takes a closer look to cryptos.
This is a novum and it seems that Bitcoin became to big to ban or ignore.
We expect bullish times ahead can't wait for it.
Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
Ctumblery
Bitcoin dropped by 50% from its previous ATH around 68k within 3 months.
Since then we are consolidating into a wedge pattern with a ceiling around 45k and a rising floor currently around 39k.
Bearish stuff:
We are below the weekly bull market support band which currently ranges from 43k-47k.
Currently we are not able to break the 45k level and a further decline could send us back to lower lows.
We did not create higher highs yet and are in a consolidation phase during a down trend.
We are below the 100MA and 200MA.
Bullish stuff:
Since February we are consolidating with a rising floor.
We broke the downtrend for price and on the RSI.
Trading volume is increasing since the start of 2022.
We are still above the macro support level of 30k.
Price is above the 50MA.
We believe that the people that hold through these hard times will get rewarded.
What is needed is patience and endurance.
Bitcoin got additional attention during the Russian invasion in Ukraine.
People could use Bitcoin but have trouble withdrawing their fiat currency.
Donations are also made using cryptos which leads to additional attention.
Ukraine legalized cryptos because of that.
The FED started with rate hikes and takes a closer look to cryptos.
This is a novum and it seems that Bitcoin became to big to ban or ignore.
We expect bullish times ahead can't wait for it.
Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
Ctumblery
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