#BTC
Bitcoin’s short-term cycle is forming an ascending-channel structure. Here we continue to hold the view that it’s experiencing strong, volatile consolidation. The key point is this: the longer the consolidation lasts, the more expectations I have for a future upside move.
The 82,000 level is the lower bound of the consolidation that followed last year’s late-year plunge. It’s also the first resistance level that everyone is watching, and 82,000 additionally happens to be the rebound high in May this year. In many technical-analysis commentators’ views, besides these two obvious resistance points, the 82,000 level is also the critical position of the long-cycle bull market boundary—for instance the moving average line (yearly line) or the 50-week level. Many people treat a breakout above the bull-market boundary as the key bearish-to-bullish turning point.
One way for large institutions to maximize profits is to break upward from here to above 90,000, and then initiate a deep pullback—somewhat unexpectedly, but it manages to trap all the people who were convinced the bull market had already arrived and chased higher, at a short-term peak. It’s very tormenting, yet also quite reasonable.
I’m very optimistic about a new wave of crypto momentum toward the end of the year after thorough consolidation and shakeouts—i.e., this year’s fifth opportunity to potentially double.
Now, keep patience, continue to hold the core position, and don’t move it.
Bitcoin’s short-term cycle is forming an ascending-channel structure. Here we continue to hold the view that it’s experiencing strong, volatile consolidation. The key point is this: the longer the consolidation lasts, the more expectations I have for a future upside move.
The 82,000 level is the lower bound of the consolidation that followed last year’s late-year plunge. It’s also the first resistance level that everyone is watching, and 82,000 additionally happens to be the rebound high in May this year. In many technical-analysis commentators’ views, besides these two obvious resistance points, the 82,000 level is also the critical position of the long-cycle bull market boundary—for instance the moving average line (yearly line) or the 50-week level. Many people treat a breakout above the bull-market boundary as the key bearish-to-bullish turning point.
One way for large institutions to maximize profits is to break upward from here to above 90,000, and then initiate a deep pullback—somewhat unexpectedly, but it manages to trap all the people who were convinced the bull market had already arrived and chased higher, at a short-term peak. It’s very tormenting, yet also quite reasonable.
I’m very optimistic about a new wave of crypto momentum toward the end of the year after thorough consolidation and shakeouts—i.e., this year’s fifth opportunity to potentially double.
Now, keep patience, continue to hold the core position, and don’t move it.
