With the #AltcoinSeasonIndex at just 15/100, it’s still Bitcoin’s game for now. Altcoins may underperform, so focusing on BTC or stablecoins could be a safer play. #BitcoinDominance
Crypto market showing fear with a #FearGreedIndex of 34. 🛑 While BTC dominance is strong at 56%, trading volume is down by 52%. Time for cautious accumulation or waiting for a better entry? #bitcoin☀️
Pause for a moment and take a look at the chart 📈 The greatest Bull Run in history is already underway. Back in 2020, I invested in $SOL and $FTM before they skyrocketed 150x. Here’s my list of 100x low-cap picks I’m accumulating for the 2024 Bull Run 👇
"Bitcoin's Bullish Breakout: Key Resistance Levels and Indicators Signal a Potential Rally"
The Daily Chart: The price has been confined within a descending channel for two months without breaking out. A recent false breakout at the lower boundary suggests potential recovery. The Relative Strength Index (RSI) is nearing the 50% threshold, indicating a possible shift to bullish momentum. The midline of the descending channel is a key resistance level to watch for a rally.
The 4-Hour Chart: On the 4-hour chart, the price has consistently tested the $60,000 support level. An inverse head and shoulders pattern is forming, with the neckline at $63,500. A breakout above this level could trigger a rally towards $68,000 and beyond in the short term.
Bitcoin Short-Term Holder SOPR: Bitcoin's price has undergone a gradual correction, largely due to profit realization. The Short-Term Holder Spent Output Profit Ratio (STH SOPR) has dropped from record highs, indicating significant profit-taking by short-term holders. The STH SOPR is now around one, suggesting weak hands have exited the market, potentially setting the stage for a new rally.