“What makes you think the market is bullish?” asked our follower on Binance Square.

Quite an unexpected question, and, despite the sarcasm in the answer on our part, it is clear that the person is quite serious. He simply asks, focusing on the picture of spring-summer 2024. And completely ignoring the entire uptrend from the end of 2022. In which there are no reversal signals - not even close.

Until when will we consider#BTCbullish in the current exhausting three-month sideways market move? As long as the price is above the 0.5 Fibonacci level from the low on November 21, 2022 to the high on March 14, 2024.

If you look at this option, you can see how clearly the levels are worked out. And 0.236, and 0.382, and, especially, level 0.5. And also how well the level of 0.786 works. The price has now come to it as support, for some reason causing the bears to shout that this is the end of the bull market. Or that it has already ended. And the price simply lies at the level of 0.786.

If you look at a minimalistic chart with only Fibonacci on the current cycle, the next support in case of a breakdown is the 0.618 Fibonacci level, rate $51,526. And it is also important because the EMA of the 50-week TF is now approaching there. But even a breakout of this level could not be called the end of the bull market. Only care under level 0.5. The rate is $44,633.

No one has yet canceled the fifth wave in this trend. What could it be? If you focus on the Fibonacci level of 1.618 - $109,937. Although this is, of course, a very rough guideline. The goal can be either lower or, if the bull run starts in the near future, much higher.

$BTC