Will the King Fall off ?

Technical Analysis Article:

Welcome to the crypto cartels first contribution to the this space! We hope you enjoy the content, but first, for the boring bit… Please note, nothing shared here is financial advice, so do your own research.

Now LFG…

We prefer a macro/ semi macro outlook here at the crypto cartel. It’s safer, and cuts out the noise. Keeping it simple is the way to go…

There’s no place better to start than with Bitcoin (BTC), due to the fact that it tends to dominate market sentiment. The chart above, demonstrates a recent trend line, which we are now dangerously close to.

An investor/ trader may see this as an ideal entry point, due to the low risk and high reward at this point - if it drops below the line, the position is exited (only has a small way to go). However, if it bounces off the trend line, there’s plenty of gains to be made.

If we zoom out massively, we have BTC above the 50% Fibonacci level (strong) - this would be on a longer term scale, such as years.

BTC is trapped in a giant range at the moment; it peaked around $65,000 and closed as low as the $31,000’s.

We are still in the lower half of this range (the red area of the red and green). I’d like to see a bounce off the trend line into the green area to demonstrate some strength at least in the shorter term.

Another possibility, and question to ask, is: are we just forming one massive ascending triangle?

Now, that would be painful… going sideways until 2024.

If you believe in this BTC long term, however, this is the perfect time to accumulate them satoshis!

Which ever we go, the crypto cartel will be here to keep an eye on things.

Overall, it seems a good time to think about bitcoin again. The next few weeks will give us an idea of where we are heading this year. Will the king fall off? Or will we bounce into a summer full of gains?

Only time will tell… but the crypto cartel will be making gains either way.

Stay Tuned and Peace out,

♛ The Crypto Cartel ♛