Bitcoin rally targets the [30000] area
[edit] rally target is obviously 30000 area. Thanks to a reader for heads upping me!
The [30000] area holds the first real resistance to the Bitcoin rally, per this weekly chart we use in NFTRH. RSI diverged positively during the Q4, 2022 breakdown below minor support and is now positive (50+) with the ensuing bounce/rally. MACD is riding its mid-2022 up-trigger while still in negative territory.
Like many other asset markets out there, BTCUSD was projected for a relief rally from the correction that you knew had to come when Twitter influencing gold bug promoters found this new tout (gold was in correction, after all) and sucked ’em in on the last Bitcoin rally, right into its ending. That is soooooo gold bug. It doesn’t tend to be a forward thinking herd.
Personally, I have no current interest in Bitcoin. Plenty of other bouncing speculations out there, and that’s all this is. But I have not posted it here or in NFTRH in a while so, there ya have it. Another manifestation of the Q4-Q1 relief rally theme that hardly anyone was thinking about when we began thinking about it, and discussing rationale for it.
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