Bitcoin - consolidation towards breakout

less than 1 minute read

Since my last bitcoin post, the price action has been very bullish. Specifically, it has pierced the 20 weekly SMA for 3 straight weeks. This is a sign that btc wants to break out above and is very likely at this point. The pull back from the 20 weekly SMA hasn’t been that steep, which is a very bullish move for btc. My original projection of making lower lows at this point is unlikely.

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Looking at the Fib retrace levels, it is likely that btc will head towards 0.236 and pierce the resistance level.




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