The big arc pattern I was watching has completed, and BTC has put in a new all time high.
Now we're slogging through some post-halving chop, speculating on the next big move. It's been about 7 weeks of chop around the 60KS now. If you look at the chart, generally this kind of ranging chop lasts for 7-10 weeks before a decisive move that breaks out of the range. This leads me to believe the next big move is likely imminent.
The main pattern I'm watching now is the ascending range I drew with a grey rectangle. Currently, it gives us a bottom at $51K, and top at $125K. The rectangle has a steep ascent, so both support and resistance values are rising.
We don't know which way the next breakout will go yet. I'm a stacker with BTC and long-term bullish, so my strategy here is to have few buy orders in at $52-53K in case of a wick down to the bottom of my range. However, I'm just as happy holding my long-term stack if the price breaks to the upside.
Good luck and enjoy.
Now we're slogging through some post-halving chop, speculating on the next big move. It's been about 7 weeks of chop around the 60KS now. If you look at the chart, generally this kind of ranging chop lasts for 7-10 weeks before a decisive move that breaks out of the range. This leads me to believe the next big move is likely imminent.
The main pattern I'm watching now is the ascending range I drew with a grey rectangle. Currently, it gives us a bottom at $51K, and top at $125K. The rectangle has a steep ascent, so both support and resistance values are rising.
We don't know which way the next breakout will go yet. I'm a stacker with BTC and long-term bullish, so my strategy here is to have few buy orders in at $52-53K in case of a wick down to the bottom of my range. However, I'm just as happy holding my long-term stack if the price breaks to the upside.
Good luck and enjoy.