I think if Bitcoin is going to breakout, it has to be soon.
The bullish case for the setup is the smaller pullbacks in price off the $72k level. Tested that level four times since March. On the most recent two tests in May and June, smaller pullbacks show the supply/demand balance shifting in favor of the bulls.
But if Bitcoin can't hold support around $66k, then I think that invalidates the more immediate bullish case and the basing action has further to run.
Great post! Do you think Bitcoin will breakout soon? That 70k ish area seems tough
I think if Bitcoin is going to breakout, it has to be soon.
The bullish case for the setup is the smaller pullbacks in price off the $72k level. Tested that level four times since March. On the most recent two tests in May and June, smaller pullbacks show the supply/demand balance shifting in favor of the bulls.
But if Bitcoin can't hold support around $66k, then I think that invalidates the more immediate bullish case and the basing action has further to run.