Bitcoin: One Person's Fear is Another Person's GreedFirst off, what the f*ck?
I believe Bitcoin should correct back to at least the 50% Fib Level -- if not the 38.2% -- so that we can see a healthy rally upwards. Years of trading crypto has taught me that every rally has a near equal correction. But emotions and bias will be the death of your portfolio so here's my unbiased analysis of the world's greatest cryptocurrency:
- Bitcoin is forming an ascending triangle on multiple charts which is a bullish sentiment on its own.
- On-Balance Volume (OBV) shows a steady increase in buying pressure since the start of the recent rally. Layman's terms: buying pressure is outcompeting selling pressure.
- Money Flow Index (MFI) has an inverse slope that favors oversold and is currently relaxing in neutral territory safely away from overbought.
These three indicators lead me to believe that Bitcoin may experience another breakout in the coming weeks and, potentially, without a dip back to $30.5K as I previously forecasted. At risk of stating the obvious, news can shake the markets enough to reverse any trajectory but yesterday's Binance update hardly rattled Bitcoin like it did for altcoins.
It's my personal opinion that the Bitcoin ETF decision is the closest catalyst in determining the next major rally or drop. However, we can't forget about the highly anticipated Bitcoin halving which is expected around April 2024. If the ETF does get rejected, this may provide a very lucrative buying opportunity.
COINBASE:BTCUSD
