BTC Outlook: Short-Term Bullish, Monthly Bearish
Before we anticipated support at the 1 week 50 day MA and our diagonal support, BTC bounced in that area with strong buying pressure, pushing momentum to 58,600. I remain short-term bullish on BTC until it reaches the 200-day MA. The volume will determine if there's sufficient buying pressure to break above this MA, especially as the 200-day and 50-day MAs are converging, creating a strong resistance level.
The price is near 59,000, a psychological resistance. Breaking through this would require significant volume and weakening selling pressure. Positive news could trigger a rally, while negative news might lead to another sell-off. Given our current position and profit, I'll raise my stop loss above my entry point and take partial profits along the way.
Regarding monthly returns (Monthly Returns Analysis), I'm bearish on BTC for this month based on historical data. There's a palpable fear in the market right now, aligning with the adage 'to be fearful when others are greedy and to be greedy only when others are fearful.
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