Bitcoin At Critical Location
Updated
Technicals :
1) Bitcoin is currently in a short time frame bull flag
2) As Long as bitcoin stays above horizontal line at around 51k - Nothing to worry about
3) Another strong support has been the trend line acting as support since 10k roughly - it has held the price up very successfully
4) Should 51k break - We could test the lows of the previous 30% correction at around 43k - which would provide us a tremendous entry
5) Should bitcoin break out of the bull flag pattern (58k) and close above those levels on multiple time frames - we should be clear to go to new highs
Fundamentals :
1) Stimulus is the only word on central banks minds as they try to artificially prop up the economy with printing to mitigate a big depressionary crash
2) FED committed to keep QE for the forseeable future
3) Cracks are being seen in many countries.. but now bigger ones (Turkey latest)
4) Bitcoin adoption expected to hit 1 billion by 2025 - As it provides an alternative to the unbanked... and those in crashing FIAT economies
1) Bitcoin is currently in a short time frame bull flag
2) As Long as bitcoin stays above horizontal line at around 51k - Nothing to worry about
3) Another strong support has been the trend line acting as support since 10k roughly - it has held the price up very successfully
4) Should 51k break - We could test the lows of the previous 30% correction at around 43k - which would provide us a tremendous entry
5) Should bitcoin break out of the bull flag pattern (58k) and close above those levels on multiple time frames - we should be clear to go to new highs
Fundamentals :
1) Stimulus is the only word on central banks minds as they try to artificially prop up the economy with printing to mitigate a big depressionary crash
2) FED committed to keep QE for the forseeable future
3) Cracks are being seen in many countries.. but now bigger ones (Turkey latest)
4) Bitcoin adoption expected to hit 1 billion by 2025 - As it provides an alternative to the unbanked... and those in crashing FIAT economies
Note
Breakout of the bull flag with volume confirmation should take us to $75,000Note
Almost Into Buy Zone. Stay Strong FriendsTrade active
Long initiated!Trade active
58k has been broken on bullish Visa news. I suspect we will be marching our way to a new all time high very imminently. Congrats to anyone who followed!
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