The market euphoria is starting to heat up once again. The market sentiment is changing fast and we are now back to “Greed” on the Fear & Greed Index. Even the main stream media’s tone is starting to change once again. I’d even go on to say Bitcoin may now be Elon Musk resistant. China mining crackdowns will also start to become be a narrative that will no longer have a FUD inducing effect on the market.
We have strong resistance at $46,784 right at the 0.5 Fibonacci level. Expect a pullback to the $42k Levels or even lower $40k levels. Once we break past this I do believe Bitcoin will work its way up to retesting $50,000 as long as this positive momentum continues to grow strong. We may possibly be in the next extension of this overall bull trend for Bitcoin and the Crypto market in the coming months.
* On the weekly time frame we’re starting to approach on the .
* The hash rate is growing fast.
* Clean Green energy for Bitcoin mining is becoming a positive mainstream media talking point.
* A stronger Cryptocurrency influence and advocates will become stronger in Washington D.C. as a result of the botched crypto-infrastructure bill.
* Global Multi-Trillion dollar economic rescue packages will continue to expand the global money supply.
* NFT’s, Ethereum , Gaming Tokens, and DeFi mania will continue to grow.
* On the we’re currently retesting the 200 Day Moving Average.
Much peace, love, health, and wealth!