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Rezaulkhan Patuakhali
@Square-Creator-7e9989837
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Emergency #BTC Update ‼️
An oversight on my part regarding the recent $BTC rally from $43K to $48K. The double doji's closure over the 50SMA was a clear indicator I overlooked.
For the Bulls
Momentum with the SMI still has room to rise, a key indicator for potential upward movement in $BTC .
No violation of weekly moving averages even during the low $40K's, indicating resilience.
Definitively bullish candle close, showcasing strength in the recent move.
RSI crossed the RSI MA, although bearish divergence remains, caution is advised until a new weekly print.
For the Bears
$BTC failed to close over the .618, currently testing it.
The weekly ETF wick at $49.1-$49.2K continues to act as a ceiling.
Bearish divergence in RSI needs elimination for a clearer outlook.
Bottom Line
While my recent forecast missed the mark, my overarching thesis holds strong. "The Wall," represented by the .618 - .786 Fibonacci retrace levels from Bitcoin's prior peak, remains a significant barrier for new ATHs.
This stance, though not popular, has been my consistent view for months. Liquidity concerns in March, with the removal of the Reverse Repo & BTFP, add complexity.
While bullish sentiment may reign momentarily, my macro view of $BTC remains steadfast. Emotions aside, we navigate the charts with discipline.
An oversight on my part regarding the recent $BTC rally from $43K to $48K. The double doji's closure over the 50SMA was a clear indicator I overlooked.
For the Bulls
Momentum with the SMI still has room to rise, a key indicator for potential upward movement in $BTC .
No violation of weekly moving averages even during the low $40K's, indicating resilience.
Definitively bullish candle close, showcasing strength in the recent move.
RSI crossed the RSI MA, although bearish divergence remains, caution is advised until a new weekly print.
For the Bears
$BTC failed to close over the .618, currently testing it.
The weekly ETF wick at $49.1-$49.2K continues to act as a ceiling.
Bearish divergence in RSI needs elimination for a clearer outlook.
Bottom Line
While my recent forecast missed the mark, my overarching thesis holds strong. "The Wall," represented by the .618 - .786 Fibonacci retrace levels from Bitcoin's prior peak, remains a significant barrier for new ATHs.
This stance, though not popular, has been my consistent view for months. Liquidity concerns in March, with the removal of the Reverse Repo & BTFP, add complexity.
While bullish sentiment may reign momentarily, my macro view of $BTC remains steadfast. Emotions aside, we navigate the charts with discipline.
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#BTC #TIA/USDT.... #ORDI/USDT #SOLUSDT!
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Bay and Sells
Thanks
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So hurry Bay 😜
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