BTC Has Dropped to Key Support
Generally speaking, the area of the mid-Bollinger Band and yellow EMA are areas to watch for discount prices in a trending bull market. Because the price has been ranging for so long we are getting a rare set up of mid Bollinger Band, yellow 21EMA, and bottom Bollinger Band being in a very tight range as the top Bollinger Band continues to drop. In theory, this is an area of strong support/buy zone. However, a few weeks closing consecutively below 60K could set strong expansion to the downside.
This is about as tight as the Bollinger Bands have ever been on weekly and when this happens it's telling us that a major move has been brewed. BTC will be exiting this range with force and conviction. IMO BTC can withstand a drop to 58K and maintain the overall bullish structure. I don't believe a cycle top is in but losing 58K could set BTC up for a much longer consolidation than expteced.
Historically, BTC doesn't reach new ATHs until around November of the halving year so ahead of schedule so far and the more consolidation that takes place, the higher prices might be able to trend in the future.
This is about as tight as the Bollinger Bands have ever been on weekly and when this happens it's telling us that a major move has been brewed. BTC will be exiting this range with force and conviction. IMO BTC can withstand a drop to 58K and maintain the overall bullish structure. I don't believe a cycle top is in but losing 58K could set BTC up for a much longer consolidation than expteced.
Historically, BTC doesn't reach new ATHs until around November of the halving year so ahead of schedule so far and the more consolidation that takes place, the higher prices might be able to trend in the future.
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