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BITCOIN BREAKOUT: Can BTC HOLD Above $40,000?

BITCOIN BREAKOUT: Can BTC HOLD Above $40,000?
BITCOIN BREAKOUT: Can BTC HOLD Above $40,000?

Introduction

Welcome back to Cheeky Crypto, where Nick will delve into the latest developments in the world of Bitcoin. In today’s video, Nick will analyze the recent Bitcoin price movements and explore the potential for further gains or a bearish turn.

Bitcoin Analysis

Nick starts by analyzing the 1-hour timeframe on Binance using the BTC/USDT pair. Initially, he had expectations of an upward move, and he was delighted to see Bitcoin reach a new yearly high of $41,250. To assess potential future movements, Nick explores Fibonacci levels.

Fibonacci Levels

Fibonacci levels are used to identify potential support and resistance levels based on mathematical ratios. In this case, Nick can see that the 23.6% Fibonacci level aligns with the recent price action, suggesting a potential completion of a structure or a slight downside movement.

Technical Analysis

Moving on to technical analysis, Nick delves into various wave counts, corrections, and patterns. The zigzag pattern that has been forming suggests overextension, indicating a potential turning point. Nick will consider different options for wave structures to make an informed decision.

Daily Chart Analysis

Switching to the daily chart, Nick notices an expanding diagonal pattern, which is part of the fifth wave movement. However, overbought conditions on the RSI and stochastic RSI suggest a potential pullback. Nick will keep an eye on resistance levels for confirmation.

Weekly Chart Analysis

On the weekly chart, Nick has identified an ascending wedge formation, highlighting the importance of trendlines. The weekly chart has been overbought for several weeks, indicating a potential turn to the downside and a test of equilibrium.

Bearish Sentiment

In recent market developments, Nick has noticed a shift towards bearish sentiment. While the time to be bullish might be over for now, Nick anticipates a move to the downside. However, he also acknowledges the potential for a fast rebound by the Bulls.

Closing Thoughts

To summarize, the current analysis suggests a slightly more bearish outlook for Bitcoin. Nick will continue to monitor the market closely and provide updates as needed.

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