Bitcoin at Massive Resistance
Bitcoin price price has trouble breaking through the pink parallels without having to beat on the door a couple times. The longer price has been away from the pink line, the stronger it becomes. Now, it's very strong, and I predict a drop of >10%.
It got through the top pink line in 2021 on it's way
69,000 because of low interest rates, free money, low inflation, institutions starting to add crypto to investors' portfolios, and irrational euphoria from Bitcoiners. Now, people are broke, banks aren't lending, interest rates are infinitely higher (they were 0% then), real inflation is still >10%, and SPP loans and stimmy checks have run out.
If I'm wrong, I'm looking at the two blue lines encapsulating an area of resistance. If this doesn't push Bitcoin down, and it consolidates here, I'm covering my short.
It got through the top pink line in 2021 on it's way
69,000 because of low interest rates, free money, low inflation, institutions starting to add crypto to investors' portfolios, and irrational euphoria from Bitcoiners. Now, people are broke, banks aren't lending, interest rates are infinitely higher (they were 0% then), real inflation is still >10%, and SPP loans and stimmy checks have run out.If I'm wrong, I'm looking at the two blue lines encapsulating an area of resistance. If this doesn't push Bitcoin down, and it consolidates here, I'm covering my short.
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