AlexNFT 🐒

Bitcoin trading into strong resistance at $44,500, the last time this was breached on the weekly candle was March 2022, and it ended up being nothing more than a wick fish which then saw us gradually descend down to $18,000 before end of June (3-Months). I'm not saying that is going to happen here (I wouldn't rule it out), but what I am saying is that buying into the market at these levels, at this time (5-months prior to halving) is a very risky play (short-term). Obviously we expect to proceed much higher between now and Q4, 2025, but approach with caution and await for a better entry. The support at $30,000 looks good for a retest if nothing lower, therefore this is a better price to look for entries if you don't want to miss the next cycle, if we trade lower, DCA at set time-frames you predetermine in advance. From the 2nd chart BTC.D, you can see that 54% resistance has been checked (strong support Aug 18 > Apr 19), this coincides with Bitcoin price meeting resistance at $44,500 and a rotation into Alts including Eth, which is now playing out. Expect a reversal back down to 51% before the next big move. The timing could coincide nicely with ETF approvals, and despite this being a 'Bullish narrative' don't be surprised if it's a 'buy the rumor, sell the news' event which then see's Bitcoin correct down to at least $30,000 and alt's falling harder, taking the BTC.D up towards 60% as we approach the next halving in April 2024. The 3rd chart is Total market-cap of Bitcoin and Alts, this looks patterned to test the resistance at $1.75tn, and this can be fulfilled by the rotation and price increase into Alt coins over the coming days. Short-term = Bearish Mid-term = Bullish Long-term = Super Bullish Let me know your thoughts... #Bitcoin #Crypto #Trading