๐จ URGENT!!! MUST READ. ๐จ
๐จ Major #Bitcoin surge imminent. ๐จ
In this post, I'll explain why I believe Bitcoin is on the verge of reaching a new all-time high (ATH). By comparing Bitcoin's market structure with the gold CFDs market structure from May 2020 to the present, I'll illustrate my point.
Comparison Overview:Bitcoin appears to be mimicking gold's market behavior, albeit on a shorter time frame. I'll demonstrate this by analyzing the weekly gold chart alongside the daily Bitcoin chart.
Gold (US$/OZ):
First, examine the attached gold chart. Youโll notice gold traded within a defined range for a long period, maintaining this range without deviation. We saw an initial drop after a pump, followed by another pump, all respecting the range limits. Suddenly, after hitting the range top and then dumping to retest the range low, gold broke out of the range (highlighted in red on the chart). Despite predictions of further declines, gold reversed the fake-out, recovered substantially, and hit a new ATH.
Now, look at the Bitcoin chart. Bitcoin is replicating gold's exact market structure. Like gold, Bitcoin briefly dropped out of its range but then executed a V-shaped recovery, mirroring gold's pattern. The time similarities between the two charts are evident and straightforward. Notably, gold retested the 20 EMA after its initial pump, whereas Bitcoin has yet to do so. I believe Bitcoin will soon retest the 20 EMA, leading to a new ATH.
Bitcoin's current trend mirrors gold's past movements, and I believe this pattern will continue. Ignore influencers predicting a range of $44-48k. The charts suggest a much higher potential.
Thanks for reading. Stay safe. ๐ค๐ป
AD: Interested in learning technical analysis? Send me a DM or comment below, and I'll get in touch with you.
#BTCโ #bitcoinโ๏ธ #Write2Earn! #BullBanter #BinanceTurns7
