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<a href="https://xpertsstudio.com/why-a-new-bitcoin-bull-market-is-finally-here/” title=”Why A New Bitcoin Bull Market Is Finally Here”>Bitcoin (BTC-USD) prices hit $81,000 on Tuesday but have since dipped below $80,000. Learn more about bitcoin’s latest rebound in the video above.
Bitcoin reclaims uh 21,000 but bulls face key resistance. So no point in bringing up the charts. I’ll just tell you what I am personally thinking here. So we’ve endlessly talked about the reason that Bitcoin went up.
Breaking above 20,000 is really important. Now from a technical perspective, as I’ve said before, you want to get above about 22,800, let’s call it 23,000 to make a higher high and break all bearish market structure. But I do want to say that
a lot of the signals that we saw that were very key signs of a bottom are now showing up as key signs of a local top. I do not think this move is over. I’m just getting excited to hopefully get to buy some dips as price drops here.
Bitcoin has a tendency to not give you the dips that you want, but that’s what I am looking for. Those kind of signals are overbought RSI now. We had almost historically high RSI on the daily chart. We’re seeing bearish divergent with overbought RSI on lower time frames, meaning that we’re seeing buying strength sort of abating even as price continued up.
And we’re at key levels of resistance, right? The 50 moving average on the weekly chart, we basically went right up to it and got rejected. That’s the kind of area that you would be looking for price to retrace below to gather up strength to go back above. So, listen, I, as you know, use automation to buy and sell Bitcoin, Solana and Ethereum using Arch Public.
Uh it sold some Bitcoin here above 20,000 and I’m assuming that if we get a nice dip, it’s going to start buying down in the low 20,000s, right? We had that breakout above the 200MA on the weekly. That was around 19,000.
If we get a retracement there, that looks like an extremely compelling dip to buy, but personally I’ll start buying again here in the mid 20s.
But I’m buying all the time. So, that’s the real story here. But listen, I mean we had a 25% rally uh in under a week, a bigger rally on some alt coins. It would make a lot of sense for us to get a healthy reset here. And frankly, if you’re watching price and you’re a technical analyst, what you want to see when you’re buying an asset and it goes up massively is for it to go back and test key levels to reset, to gain strength. If it goes straight up, it ends up coming more aggressively straight down into the future. So, listen, uh,
we can uh, we can stay overbought here for quite a while. Bitcoin can do what Bitcoin’s going to do, but don’t be surprised if you see some retracement here, right? That’s really the uh prevailing narrative on the other hand.
Source: finance.yahoo.com