Recently, we discussed how the slow, grinding upward of Bitcoin (BTC) could be healthy. Bull market’s sometimes develop slowly. Frequently, a bull market is born from disbelief. So, the longer it takes for a move to develop the more powerful the trend can be.
The Wyckoff bottom scenario we have tracked for three months seems to add credence to our thesis.
Looking at Bitcoin (BTC) on Bitmex (Figure 1), XBTUSD looks to be perfectly tracking a textbook Wyckoff bottom scenario (Figure 2).
Figures 1 & 2
Looking at how the two match up, it looks like the recent range is “last chance shopping” and the next big move could be up.
Bottom Line: We continue to believe, the crypto market is NOT in crypto winter anymore. We believe that spring is here and “green shoots” are popping up. If other big coins can clear resistance, we believe Bitcoin (BTC) can make a run at $4,250.
The Crypto.IQ Trading Desk is watching and waiting.
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