🔥 Bitcoin Potential Consolidation After Huge Move

١ مارس ٢٠٢٢

Yesterday I made an analysis on BTC where I stated that BTC has successfully formed a higher-low and that the weekly uptrend was confirmed. Within hours my initial target area was reached, congratulations if you took the trade.

After such a massive move, it's often the case that assets need some time to catch their breath. This in good in the long-term since it allows trading indicators (like RSI) to reset and give investors confidence to step in the market.

In my view, we could see a move all the way to 41K-40k. This is not even too far-fetched in current macro economic market conditions. As long as we close daily candles above this area I'm bullish.

I'd advise patient investors to start looking for potential entries around the indicated support area to catch the bounce. However, keep a close eye on the macro-economic picture.

Happy trading!