Fake Dip? The MOST important #Bitcoin Chart Traders Are Watching
đ1-12)Â Beware of fake dips when triangles break. Bitcoinâs relative strength has retraced back to 40%, which has been associated with rally attempts on three occasions since early 2023. We are pointing out a new âline in the sandâ where we might change our view. The previous âline in the sandâ where we turned bearish was 68,300.
đ2-12)Â Although we had been (correctly) bearish in January 2024 (most will remember that), we turned bullish on January 26. The last sentence of our January 26 report stated, âWe would use any further dip to start buying again.â Our view was also covered in CoinDesk (here).
đ3-12)Â We used the term new bull market as early as mid-January 2023 when lower inflation turbocharged the rebound. Hence, we focused on when a) inflation turned unexpectedly higher and b) the Fed turned less dovish. As we pointed out during the last few weeks, the situation might be very different, with severe consequences for Bitcoin - thatâs why our analysis below might be of the utmost importance.
đ4-12)Â Read the full report here -> https://mail.10xresearch.co/p/fake-dip-important-bitcoin-chart-traders-watching
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