Bitcoin’s Bull Season: Key Levels, Trends, and What to Watch Next
Analysis of this retracement and bull market setup
From time to time, I find that quotes from classics can help us navigate our current and future lives. Some of the greatest advice is available in the observations from our very distant past.
Two Quotes That Stuck Out Recently
“Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the day of his ignorance.” – Jesse Livermore
“Therefore those skilled at the unorthodox are infinite as heaven and earth, inexhaustible as the great rivers. When they come to an end, they begin again, like the days and months; they die and are reborn, like the four seasons.” – Sun Tzu
These are helpful reminders of what markets can teach us and how having an understanding of market fluctuations can be both painful and rewarding; depending on the season. Currently, Bitcoin is in a bull season.
Disclaimer: The views and opinions expressed in this blog are my own personal observations and interpretations of price action. Nothing in this content should be construed as financial, investment, or trading advice. Readers should not make any financial decisions or trades based on the information provided here. This blog is intended solely for educational purposes, and I encourage readers to conduct their own research and consult with a professional advisor before making any financial decisions.
A Few BTC Observations
On a one hour chart, you can see a clear 4 waves down, so we are close to completing the zig part of the zig-zag countertrend move. I'm not a big Elliot Wave guy, but it sometimes helps to have a general feel. Assuming this is the case, then $99 to $101k should act as the nearest support on a daily chart.
The importance of looking at the two timeframes, hourly and daily, is that the time and price structure align.
