While battling the sniffles, Nick wanted to give you a quick update on Bitcoin’s price action through a breakdown of its chart patterns. Fasten your seatbelts because we’re about to take a technical plunge!
Short-Term Jitters Ahead:
Our technical analysis starts with the 1-hour timeframe. Nick is currently eyeing the $43,500 to $43,945 range as a potential resistance zone where Bitcoin might face rejection. Remember, confirmation for a breakout above $43,257 was sought and achieved, so the path of least resistance now points South.
This anticipated southward movement, however, should be a swift one, targeting a range between $41,367 and $41,600. Think of it as a quick dip rather than a plunge into the abyss.
A Bumpy Road Ahead, But Relief in Sight:
But fret not, bulls! Following this brief descent, a relief rally could materialize, pushing Bitcoin back towards the $45,000 to $46,000 range in the short to medium term. This potential upswing highlights the ever-present volatility in the crypto market.
Bearish Whispers from Smart Money:
But a word of caution: smart money concepts and indicators still whisper a bearish tune. So, buckle up for a bumpy ride with potential zigzag patterns. We might see a temporary hike to $46,000 followed by a correction down to $37,000-$38,000 before reaching that coveted $45,000-$46,000 zone.
Mark Your Calendars:
Nick anticipates this period of fluctuation to last several weeks, with the 200 daily EMA potentially serving as a launchpad for another bounce. Remember, technical analysis is not a crystal ball, but it can provide valuable insights into the market’s potential movements.
Long-Term Optimism: Accumulate When it Dips!
Despite the near-term turbulence, Nick’s long-term outlook for cryptocurrency remains optimistic. The underlying technology and its potential to reshape finance are undeniable. So, view these corrections as opportunities to accumulate your favorite tokens at a discount!
Remember, staying informed and adaptable is key to navigating the ever-changing landscape of the cryptocurrency market. This analysis offers a snapshot of a specific moment, so keep that in mind when making investment decisions.
We hope this information proves helpful despite Nick’s temporary indisposition. Stay healthy, stay informed, and happy trading!