Month: March 2022

Right now, BTC/USD is grappling with its 200-day SMA as bulls prepare to test the 50k level. It’s right up to next resistance at 48.7k (bull trap) to allow such move to happen. I think this will be the last hurdle before hitting the target of 59k psych level.

Good development for both Bitcoin and major altcoins here, strong bull bias and the declining channel of over five months has been broken. The break out of the $47k resistance level is a trigger that, a continuation of the larger uptrend is likely. The logical view of the market is that, we’re on a counter trend move that could take us to May time- frame and probably to a new ATH.

Bitcoin is still sitting long and the chart is "marginally" bullish at the moment. We’re beginning to have a bullish set-up as the cycle low is beginning to pave the way for a counter trend rally. $BTC is trading at 21-day highs with few green candles in a row, signaling that the bull market may be fully back.

The last days of the 60-day cycle have been fairly bullish, still holding well on day-56 of the cycle. These last 4 days of the cycle, for BTC not trading below $40k means, the selling pressure is reducing and this has put the entire market in a bullish atmosphere.

Bitcoin’s repeat visit to the sub-$40k range is re-enforcing a lengthy consolidation which could result to three scenarios. The first scenario is that, BTC could make a straight-jacket upward move that will lead to a right translated cycle. The second scenario is that; it could consolidate up to the initial support level of $34k before going upward. The third scenario is that; it could capitulate below the 60-day cycle low.

The last 20 days of the 60-day cycle have been on the decline which give the entire market, a bearish outlook. Not a lot of change since this present cycle began and I see the dominant downtrend exceeding the March 24-time frame. If BTC goes below $35k, it’s possible that the next 60-day cycle will continue as a left translated cycle pushing price action even lower.