#BTC/USDT Weekly Overview, Downtrend is broken.

15 maj 2023

Welcome to this quick update everyone.
Bitcoin is looking strong weekly.
Although it could not break through the 31K level the 200 Weekly MA which has also been marked as the Bear Market bottom Indicator is acting as support.
This is an excellent indication for the bulls.

So in the mid and long term, Bitcoin is Bullish.
It simply looks like a retest of the 200 WMA in Weekly and 100 MA in Daily. (The Chart is right below this idea.)

Let's take the worst-case scenario in Hand:-


As per our previous charts, the price closed below $27154 (Around $27963).
which makes it possible for a retest of 22.8k to 24.3k levels.
Even if we see some corrections in lower Time frames in the coming weeks it is highly likely that the 200 WMA will hold as support as the weekly candle for the respective week closes.
So any dump below 26k could end up being a trap.

Big wallets have accumulated a lot as per on-chain
Massive outflows from the exchanges have already happened.
Fundamentals are strong as well.

Everything you see over CT and News is all to distract you.
I've said this before in May 2020 when BTC was trading at $7400
This is the second time I am saying the same thing.

So if you are thinking of selling your Bitcoins to buy back a little lower you will likely end up buying higher.
better to look at the long-term perspective and stay bullish for the next 2 years.
Bitcoin has broken its downtrend and we are going to make a new ATH soon.

It is just a matter of time.

Let me know what you think and do share your view sin the comment section.
Do not forget to hit the like button to support my work.


THANK YOU


#PEACE

18 maj 2023

Zlecenie aktywne

#BTCUSDT :- Weekly looks good so far.
Daily trying to break the 27.4k resistance again.
No other changes.

18 maj 2023

Zlecenie aktywne

Daily needs to break this and get back inside.
Overall looks good.