BTC - Current State of the Market
After a phenomenal rally above the critical $70,000 level, BTC has accomplished another feat.
It has successful closed above the critical $71,300 level.
This is one of the confirmations of the start of the next leg of the bull market, but we are not out of the territory of a pullback yet.
Once we close a second 3D candle above this key level (outlined in orange) this will be our confirmation candle of the breakout. What we could see happening is a slight pullback over the next three day to retest that line, close at that level with the next 3D candle, then start the bounce. This would demonstrate a very strong bullish retest.
No matter what happens, BTC is in a very good spot and is following the same bullish patterns presented in previous 4 year cycles.
It has successful closed above the critical $71,300 level.
This is one of the confirmations of the start of the next leg of the bull market, but we are not out of the territory of a pullback yet.
Once we close a second 3D candle above this key level (outlined in orange) this will be our confirmation candle of the breakout. What we could see happening is a slight pullback over the next three day to retest that line, close at that level with the next 3D candle, then start the bounce. This would demonstrate a very strong bullish retest.
No matter what happens, BTC is in a very good spot and is following the same bullish patterns presented in previous 4 year cycles.
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