I've been thinking about the "tush push" lately; the signature, short-yardage play recently perfected by the Philadelphia Eagles.
It works like this: instead of handing off to a running back, the quarterback keeps the ball himself. After the snap, the offensive line fires out low in synchronized motion. But rather than drive block the defense to make way for a running back, the linemen are pushing the quarterback forward from behind using their shoulder pads. Almost like a rugby scrum. With a coordinated shove, the O-line propels the quarterback inches or feet further past the line to gain. The Bitcoin O-line is made up of things like the ETF, miners, and the upcoming halving. The ETF provides stability for institutions to buy in. Miners verify transactions and release new coins. The halving limits supply issuance. Together, they clear the way for the bitcoin "quarterback" - the asset itself.
Breaking Barriers & Rising Above Average
Last week we highlighted the formidable resistance created by the 200-day (red line), 200-week (black line), and 20-week (yellow line) moving averages. Bitcoin has since broken above ALL THREE of these resistance zones with one day close above the averages.
Retesting Trend for an Upward Push
Bitcoin recently broke through a significant downward trend line. It then retraced and revisited this trend line. This retest was successful, confirming the growing bullish sentiment around Bitcoin. Following this reassuring price action, Bitcoin continued its upward movement, marking an important moment in its price recovery.
Bitcoin's Exciting Potential: Navigating Resistance & Consolidation
Bitcoin closed above the 0.5 Fibonacci retracement level and even wicked above the 0.618 level. It didn't stop there, Bitcoin also tested a significant daily resistance zone. Now, it's in a consolidation phase, hovering around the golden pocket. This is a crucial moment as Bitcoin faces resistance above. The stage is set for exciting potential.
Above the Averages: Bitcoin's Breakthrough of the Ichimoku Cloud
Finally, this milestone holds special significance for us, as Ichimoku is our favorite indicator. Bitcoin successfully closed above the daily Ichimoku cloud. This signifies that Bitcoin is now trading above the averages, highlighting its overall strengthened position in the market.
Bitcoin Market Cap
Disclaimer: The information provided in this newsletter is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any financial instruments.