BTC failed to break above the upper boundary of the $56,000 – $59,500 range and is currently trading even below the $56k level. The move prevented the biggest cryptocurrency from reaching the March high at $61,100, which brings some painful memories of the 2017/2018 market reversal.
Let’s have a look at the 4-hour chart from December 2017/ January 2018
Bitcoin failed to close above the second highest peak on the chart, thus confirming the structure break, eventually making a lower low
We are in a very similar situation nowadays, but the BTC /USDT pair is still stable above 21-day on daily and with the potential to make another leg up come week end as it might as well stabilize at $56,000 and turn it from resistance to support.
If we zoom out to the we will also see that the 21-day , which is one of the best trend-supporting indicators is well below the price level and BTC is looking a lot more stable here, when you look at it from long-term perspective and with less noise.
It is struggling in a $57,500-$59,500 , but with the potential to confirm a pattern if it closes in green.
Also, the recent price fluctuations look a lot more like simple trend consolidation in the long-term uptrend corridor. Is the super cycle ahead or we are in for a great disappointment ?
1. We are already in a bear market and alts are making their last run just like they did in the last bull cycle when BTC was already in red, paving the way for Crypto Winter.
2. BTC is slowly loosing its market leader status and will give way to Ethereum , eventually fading out as a useless “safe haven”.
3. We are in the middle of the bull market cycle. Somewhere near July 2017 when BTC crashed down to 37% dominance and alts were already flying. This will be in line with the market consolidation on the