If BTC pullsback to 80K, DO NOT PANIC -Here is why
Very simply, Bitcoin recently broke over the line of resistance ( dashed line) that has kept it down since the ATH at the beginning of the year.
As you can see, it has not yet returned to that line on a larger time scale chart, to retest it as support. It did do that on a 4 hour chart but maybe we are about to see that on a daily to, just to check how strong it is.
After all, things are very uncertain right now in many ways.
The Federal Reserve of the Usa has a speech day tomorrow and so this may act as a catalyst, one way or another.
Bitcoin Weekly MACD is in a position of strength now
And we have seen a positive reaction of PA already, if a little subdued while we wait for the Macro environment to calm down
The Histogram is looking Bullish though this can change quickly but over all, we are in a very good place right now.....
So, Worry not if PA drops some in the next 24 hours.
If we loose 78K, then get a little uncertain.
The next level of support below that is the 2.272 fib extension at 76900 - we do not want to loose that one for too long but I doubt we will get there, providing Macro stays steady
So, Chill out and let see what happens tomorrow with the FED speech.
