Today, I come to you with a fairly neutral reading on Bitcoin. The Bullish bias in me wants to believe that the bear cycle is over with and we are coming out of it with the previous bullish ferocity. Here's the chart I'm looking at on the 4 hour timeframe.
As you can see we have some fairly significant resistance coming up soon. Right now we are on the outside looking on on the former large symmetrical triangle that was forming, affectionately known by crypto twitter as the "meme triangle". The bottom side could prove to be very significant resistance. If we are rejected on that triangle resistance, I project that we will continue back down to the low $5ks eventually. If we can break back into the triangle, we then have the upper side of that triangle to break through. That could also prove to be a very tough resistance to crack. That being said, if we do break through both of those, I see no reason why we wouldn't be headed for new all-time highs. With the bitcoin ETF decision coming up and speculation that we will get approved this time, we could be in business for another huge bull cycle for crypto. I'll be watching Bitcoin closely every day as I do see it as a market indicator for the rest of the coins.