BTC Monthly: The "Big Picture" Re-test is Happening

https://preview.redd.it/tme2ftr8rnog1.png?width=1814&format=png&auto=webp&s=b7571588b1b32b94dbc1d57b82f81f6fc1fd413d If you're feeling a bit shaky because of the recent price action, zoom out. The monthly chart shows we are currently playing out a classic breakout and retest scenario on a massive scale. The Breakdown: The Trendline is King: Look at that red diagonal support. It’s been holding since the 2019 lows. Every time we’ve touched it (late 2018, COVID crash, 2022 bottom), it has acted as a launchpad. Support Flip: We just broke past the major resistance zone (the $50k-$60k range) that capped us back in 2021. Now, we are seeing a "Retest in progress." In technical terms, old resistance is becoming new support. The "Tan" Zones: Notice the two highlighted downward moves. The first one in 2022 felt like the end of the world, but it just led to a reset. We’re seeing a similar, though smaller, corrective move right now to shake out the late-longs. What it means for us: As long as we hold above that grey box (roughly the $50k-$60k area) and stay north of the red trendline, the macro structure is dead bullish. This isn't a crash; it's the market taking a breath before trying for the next leg up. submitted by /u/UniChartz [link] [comments]

from Bitcoin - The Currency of the Internet https://ift.tt/Lth8axA