Before we dive into the charts, I wanted to mention something that's been on my mind lately. With the rise of bitcoin, I've realized my own ability to accumulate bitcoin is headed to outpace my ability to accumulate US dollars. For years the US dollar was my benchmark for wealth, but now it seems bitcoin is becoming the standard I measure other currencies against. This shift in perspective has really made me re-evaluate what true wealth is in this rapidly evolving global landscape.
The purpose of wealth is not its own accumulation, but what it enables you to accomplish.
21 Weekly EMA Test Failure
Bitcoin failed to break above the 21 weekly EMA, as we highlighted in our last post, Bitcoin broke below the 21 Weekly EMA for the first time this year & has now failed to breach above this level twice.
Trend Line Test Failure
👆 Bitcoin failing to puncture the bearish trend evident in the daily time frame. Bulls are unable to push the price over the trend line.
Pullback from FIB Retracment and Resistance zone
Bitcoin rejected the $27.4K level, failing to beak the 0.382 FIB retracment and the horizontal resistance zone. The 0.382 Fibonacci retracment level often acts as resistance or support.
Bitcoin has also Rejected from the Kijun line, which usually holds as support or resistance on the daily chart, for bullish or bearish moves.
Bitcoin Market Cap
Bitcoin’s current patterns remind me of when I’ve tried to reach a fitness or career goal. I’ll get close to my target, yet repeatedly fall short. All these rejections can shake your confidence, it gets tiring fighting the same battles again and again. But breakthroughs require persistence.
Despite BTC’s recent failure to breach multiple resistance levels, since its inception it has remained persistent. In the short term, we are likely to see a continuation to the downside, but the marathon continues. The benjamins have a monopoly in my wallet but BTC strives to win my loyalty.
Where there is a will, there is “the way”.