🅱️ Bitcoin Short-Term (4H) Update

٣ أغسطس ٢٠٢٣

The initial breakout 1-Aug. was followed by a retrace, which is a common occurrence.

The short-term recovery is already happening where Bitcoin moves to the upper range of the broadening channel or back into its sideways/consolidation range.

This is true as long as the lower trendlines are not violated.

Why is Bitcoin bullish and why do we think it will continue growing?
Great question.

The one reason is the price, the fact that Bitcoin continues trading really high compared to the last peak. It trades just below resistance which is a signal of strength.

The second factor is the Altcoins market, while very bad news continue to circulate more and more of the smaller Altcoins continue to recover from new lows or multi-year lows to grow 2-3 digits in a matter of hours or days. This can only be seen when Bitcoin is consolidation within a growing phase.

Bitcoin's short-term main support levels are defined on the chart.

As long as BTCUSD trades above $27,300, the short-term bullish bias is super, really strong.

Yet, Bitcoin trades above $29,000 which reveals that the bulls are still in full control.

The war on Bitcoin is over and this can only mean growth.

This is cause for celebration, we might be only days away now from another major jump... Can you feel it in the air?

Now... Please... Let's go!

Namaste.