Good day Hiveians!
Join me in analyzing the crypto markets!
The breakout to the top seems to have happened
We still have to wait for another day or two to be sure, but it looks quite favorable. Five Days ago I hinted at this possibility as I saw an abcde pattern in the consolidaiton phase. Seems to have held up!
The direction in my opinion is quite clear now (again, we have to wait a couple more days to be sure). Up! Until now it wasn't clear what kind of price action we would be transitioning into long term Two weeks ago, I argued that the continuation of the bull market was more likely. If so, I argued, we could potnetially see this kind of pattern:
I want to slightly modify it here into (whereby the next big resistance would be at 100k or 120k):
If this breakout gets confirmed, we should see a strong resistance at the famous "orange line". Importantly, movement will unfold near to the blue trend line on the right. This has so far always happened: price doesn't "reach" the middle blue trend line until the market top is in. This is the price target for this cycle.
On a side note: Elon Musk has once again stated that he will accept BTC for Teslas if the BTC mined is from renewable energies... So are we in for another "Musk rally"? Hopefully it will be more than that...
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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