The all-time high of $68,900 from November 2021 first acted as resistance, and is now acting as support. Bitcoin looks ready for another leg up!
Check out how the price nudged up against the old high several times, before finally popping decidedly above yesterday and this morning. Then it immediately corrected, but found support at the old level of 68 and change. Since then, it has been inching back up toward the ATH again, over 72k as I type.
I want to zoom back and view the last few years, using weekly candles. We can kind of see on the very right, how it bumped up against the ATH, then popped through:
Now, it's looking off-to-the-races yet again! A test of 73k is imminent.
Pullback?
Of course, there's a pullback coming. Nothing goes straight up (or down). But when?
Any time, that's my answer. It's due. But any retractions are being bought up aggressively. Lots of buyers out there. Hard to imagine what's going to happen when the supply of new BTC drops in half! The halving occurs one month from today.
So, pullback soon? Sure, perhaps a nice deep correction. But with the bullish action we've seen lately, and all the HUGELY bullish fundamentals ahead, it's looking pretty juicy for BTC holders right now.
What we might see is a 'correction' to the upside! A revaluation, if you will. Sudden moves of thousands of dollars, tens of thousands in a day. Nothing in the chart or the fundamentals indicates the price of Bitcoin is going anywhere but up for the next 20 months.
DRutter
