Above 83,000 chips with blood?
As Bitcoin enters the ranks of 80,000, market sentiment has been gradually pushed higher. How much space is left for Bitcoin beyond 80,000? Regarding these questions, a clear viewpoint and thought were provided in a previous live broadcast. The view is: we are currently in the tail end of a bull market, which started in November 2022, exactly two years ago.
Taking a step back, even if we are not at the tail end of a bull market now, there is resistance around 83,000 for Bitcoin. Early this morning, signs of chip loosening have appeared, with the 6th showing the first instance of an hourly chart breaking below the life line since the rise began. All cycle corrections start from changes in the K-line structure of smaller cycles, which is something to pay attention to.
Another reverse indicator for Bitcoin, USDT, reached a low of 4.52 yesterday and has shown a strong upward rebound, indicating that the bulls in this indicator may be preparing for a counterattack. The lower monthly life line at 4.32 is very close, and this is the only signal indicator that can be referenced against Bitcoin meaningfully.
Chip loosening does not mean that the bulls are about to die immediately. Today's focus should still be on the changes in the hourly chart K-line pattern of Bitcoin in the 82,000~83,000 range.
