๐จ๐ BTC SHOWS A BULLISH MACRO STRUCTURE AND 60K IS STILL IN CHARGE ๐๐ฅ
Dude, this weekly chart is showing something that a lot of bears donโt want to hear ๐
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#BTC is still defending the 60k zone, which is probably the most important support in the whole market right now ๐ช
๐ง The bullish thesis of this analysis is based on three factors converging in the same area:
๐ Falling
#Wedge or descending wedge, a structure that historically tends to resolve upwards
๐ Bullish divergence at
#RSI , where the price makes similar lows while the indicator shows more strength
๐ 200SMA weekly, a moving average that has served as support at several critical moments in the cycle
๐ฅ Moreover, the volume profile shows a huge trading range between 65k and 70k, which could act like a magnet if
$BTC manages to confirm the bounce
โ ๏ธ Heads up, this doesnโt mean weโre off to 90k tomorrow
The market still has strong resistance between 64k and 66k, precisely where many short liquidations are still piled up
But as long as the 60k level holds, the macro structure starts to look a lot more bullish than bearish ๐
๐ If BTC recovers the 65k-70k zone, the next important targets would appear around 85k and subsequently the all-time highs
๐ฉธ On the flip side, losing the 60k would invalidate a large part of this reading and would bring back scenarios towards 55k or even lower
๐ฐ For now, the bulls have a significant advantage: they keep defending the level that matters most
What do you guys think, will the 60k be the definitive bottom of this correction or is there still one last sweep before the next pump? ๐๐๐ณ๐ฅ๐