‼️ #Bitcoin Momentum ‼️
Are we seeing the usual summer time sadness?
In the past days, we have stated that we are seeing a bullish momentum which is likely to break 72k resistance soon. However, we now need to reassess in terms of timelines when new data are available:
1) The 9 month trendline has been broken
2) $BTC is in a short-term descending trend channel (1h, 2h)
3) BTC is below point of control (volume, POC)
4) summer times are usually correction times. The failed breakout fits this narrative
Outlook and Conclusion:
Short-term, the outlook is bearish with a possible retest of old lows. But we are still post halving and the real bull run is about to start soon. It might just be a bit later (maybe end of Q3 ).
Why is this important? Before you say anything like "stop spreading FUD" --- "show me your short position or STFU"... A lot of people get into overleveraged long positions at resistance and a lot of money is burnt. We continue to be long and bullish on Bitcoin, the breakout might just wait for a little bit longer. #dyor
