BitcoinLong
I have a bullish bias, so take this with a grain of salt, but...
* the "traditional post-halvening dump" has already happened - in March (3/12)
* BTC is currently trading above a significant zone of support / resistance that's held the price since June of 2019
* HOWEVER, it's currently below the major macro downtrend of resistance that's held the price for over 2 years!
Expect it to bounce between the macro downtrend and the now-support zone at least through the weekend.
1) Uber-bullish scenario - a weekend or week or so of bouncing between the June 2019 resistance-now-support and the macro downtrend, and then a breakout - driven by halvening hype and the fact that selling pressure has largely been cleared out of the market back in March.
2) Somewhat more bearish - breaks down for another retest of the bottom of the macro triangle (higher low would be around 7.6K)
Either way, the market has to decide very soon
* BTC is currently trading above a significant zone of support / resistance that's held the price since June of 2019
* HOWEVER, it's currently below the major macro downtrend of resistance that's held the price for over 2 years!
Expect it to bounce between the macro downtrend and the now-support zone at least through the weekend.
1) Uber-bullish scenario - a weekend or week or so of bouncing between the June 2019 resistance-now-support and the macro downtrend, and then a breakout - driven by halvening hype and the fact that selling pressure has largely been cleared out of the market back in March.
2) Somewhat more bearish - breaks down for another retest of the bottom of the macro triangle (higher low would be around 7.6K)
Either way, the market has to decide very soon
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