Bitcoin Weekly Closed RED and scared some people .What now ? That was a horrible week for many
Uncertainty for those that do not understand Bitcoin and the JOY of buying more at a cheaper price for others.
I will admit to thinking PA was going ot bounce over the weekend and then get down to where we are now..It went down over the wweekend.. I do not mind... My SPOT buy orders began triggering.
So, on a slightly longer term, The Triangle that PA was in was always going ot squeeze PA to early.
Why ?
Because, as ever, we are waiting for the weekly MACD to Cool off. and it is only half way down currently
As you cana see, we have begun falling a Bit steeper than we did in Last years Long Range, were MACD also needed to cool off.
If we fall at the same rate as previously, we will hit Neutral around June. If we fall this steeply as we are now, that could be early May - Once weekly MACD hits Neutral, PA will certsinly have enough power to push p way past the current ATH
The Daily Version of the same chart shows us the support we now sit on
This line of Support is not amazing in many ways, as we can see by how PA has fallen through and climbed back up through it many times
What IS strong is that Fib Ext below at around 68200 but I think Will are unlikely to reach that.
The Rising line of support above that at around 73K is possible, though again, I think it is unlikely.
A Wick down to the 78K area is Very possible however.
This week could get Volatile as we get MACRO news from the World and USA inflation data is released.
Look to the future....and just BUY and GOLD Bitcoin
