Key insights

• ⬆️ Bitcoin aiming to reclaim 6600 level as support, Experiencing deepest retrace in the cycle at 25.6%, Deepest retrace achieved in 2 and a half months, compared to average 22% retrace over 42 days
• 📉 Bitcoin is going through a lengthy retrace, exceeding average duration and depth, The quarterly candle is encountering significant resistance, but there's potential for a successful retest and a reversal towards the upside
• 📊 Bitcoin is establishing a base at a previous resistance area and seeking to attract buyers at lower prices, Weekly closes above key levels, particularly 6600, are crucial for initiating a reversal, Downside wicking has been a common occurrence in reaccumulation ranges across the cycle, A weekly close above 6600 is essential to protect the current range
• 🔄 Bitcoin is facing a crucial point where it needs to either confirm a new resistance or recover to reclaim the support range, Historical data indicates a pattern of reaccumulation ranges with downside wicks below key support and upside wicks above the range high, The market reflects extreme emotions and psychological swings, from extreme pessimism and uncertainty to extreme greed and overconfidence
• 🎯 Reclaiming 6600 as support is crucial for developing a cluster of price action, Initial goal is to reclaim 56800 as a support level, Reclaiming 6600 before the week ends is important to avoid downside volatility
• 🔄 Clustering in price action around range low may precede another cluster in upper half of the range, Deviation below range low attracts fomo buyers, offloads panic sellers, Recovery to reclaim 6600 level is crucial for Bitcoin's reaccumulation range preservation, Historical tendency suggests 70+ days of consolidation after halving, Bitcoin's price action tends to see breakout 150 days after halving

Q&A

• What is the significance of the 6600 level for Bitcoin's price action?

  Recovery to reclaim the 6600 level is crucial for Bitcoin's reaccumulation range preservation. Historical tendency suggests 70+ days of consolidation after the halving, and Bitcoin's price action tends to see a breakout 150 days after the halving.

• Why is reclaiming 6600 level crucial for Bitcoin's price action?

  Reclaiming 6600 as support is crucial for developing a cluster of price action. Reclaiming 56800 is the initial goal, followed by reclaiming 6600 before the week ends to avoid downside volatility.

• What does historical data suggest about Bitcoin's reaccumulation pattern?

  Historical data suggests a pattern of reaccumulation ranges with ups and downs. The market reflects extreme emotions and psychological swings, from extreme pessimism and uncertainty to extreme greed and overconfidence.

• Why are weekly closes above key levels crucial for Bitcoin?

  Weekly closes above key levels, particularly 6600, are crucial for initiating a reversal. Downside wicking has been a common occurrence in reaccumulation ranges across the cycle. A weekly close above 6600 is essential to protect the current range.

• What does the quarterly candle for Bitcoin indicate?

  The quarterly candle is facing major resistance, but there is still potential for a successful retest and potential reversal towards the upside.

• What retrace level is Bitcoin currently experiencing?

  Bitcoin is experiencing the deepest retrace in the cycle at 25.6% in just 2 and a half months, compared to the average retrace of 22% over 42 days.

• 00:00 Bitcoin is trying to reclaim the 6600 level as a support, currently experiencing the deepest retrace in the cycle at 25.6% in just 2 and a half months, compared to the average retrace of 22% over 42 days.
• 01:37 Bitcoin is currently experiencing a prolonged retrace, which is above average in duration and depth. The quarterly candle is facing major resistance but could still result in a successful retest and potential reversal towards the upside.
• 03:27 Bitcoin is trying to establish a base at a previous resistance area, aiming to attract buyers at lower prices. Weekly closes above key levels are crucial for initiating a reversal, with downside wicking being a common occurrence. A weekly close above 6600 is essential to protect the current range.
• 05:21 Bitcoin is at a critical point where it needs to either confirm a new resistance or recover to reclaim the support range. Historical data suggests a pattern of reaccumulation ranges with ups and downs. The market exhibits extreme emotions and psychological swings.
• 07:11 The market needs to reclaim the 6600 level as support to develop a cluster of price action. Reclaiming 56800 is the initial goal, followed by reclaiming 6600 before the week ends to avoid downside volatility.
• 08:58 Bitcoin price action is crucial to reclaim 6600 level, as history suggests a consolidation period after the halving. 6600 level is key to watch for potential breakdown or recovery.