Bitcoin [BTC]: Should you be bullish after the losses of the past two weeks?
in 2023 to that in the 2018-2019 cycle found that Bitcoin could have formed its long-term bottom back in January. Investors with high time horizons could be rewarded later this year.Analysis of the price action showed that, although there was significant sell pressure recently, bulls still have strength in the market. The confluence of support in the $21.6k-$22k area underlined the possibility of a bounce in prices across the market.
The structure on the daily chart showed a series of higher lows, marked by the purple trendline support. While lower timeframe momentum was strongly bearish the retest of the bullish breaker from September could be crucial.Invalidation of the bullish idea would be a descent back below the $21.6k mark. A daily session close would break the structure and flip the bias to bearish.
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