Bitcoin Bulls Take Control of the ball
Over this last Sunday, March 27th, Bitcoin made a tremendous break out after forming a base above the long term 61.8% Fibonacci retracement at $44,500 (data set from $33,000(last year’s lows) to $69,000). Monday, March 28th marked the first time Bitcoin had a close above this pivotal level since January 4th. Following yesterday’s surge past $44,500 resistance and I labeled it the most important price point to determine future price direction.
This level consists of a Fibonacci harmonic and had been the highest value for the year 2022. The harmonic comes out of two Fibonacci data sets the first being a retracement encompassing the Spring 2021 rally to $60k (= .618%), and the second retraces the Fall 2021 rally that reached $69k from the 2021 lows. Both of the two most recent and captivating price spikes up past $60k. Interestingly enough the pinnacle Fib. ratio of .618 (or 1.618) harmonize at $44,100 and $46,240. In the middle of these two levels was both the previous record high of for this year and the .618% extension from the “freedom rally” and starting from support at $37,500.
The bullish offense was on the 4th down after three failed attempts to run the ball through this critical zone. Until on Saturday March 26th they squeaked out the last yard making it past the 50-yard line for the first time this season (2022). The bulls played the bears again for “Sunday Night Football” and the game started with a bang when the quarterback for the BTC bulls was able to get the pigskin down the field and into the hands of their star running back who hodled it into the endzone, scoring the first touchdown for the bulls in 2022.
Now that the bulls are in the lead and have control of the field, they are currently facing off against the bear’s defensive line attempting to stop the bulls at the new line of scrimmage. The line is drawn by the 200-day moving average, which was the intra-day high for the past two trading days.
With the bulls reinvigorated from their recent success fans can expect the bulls to find a hole in the bear’s defense when they do certainly, they are likely to run all the way to $53,000 before turning over the ball.
Over the next few months BTC looks destined to finish this third “season” strong. The time for crypto bulls to pack the stands and scream like drunken frat boys has officially begun, so get your season tickets, your liqueur, paint your faces and we will see you at the Super Bowl.