A friend asked me today about bitcoin so why not share what I see to the world.

(IMAGES ARE FOR INTRA-DAY ANALYSIS, I START THIS POST BY DISSECTING THE HIGHER TIME FRAME FIRST)

In the higher time frame bias I am seeing bitcoin being bullish by a lot of different factors, but I cannot rule out the idea of the pullback structure we have formed since the drop back in June 1st.

For the long term I am seeing a pullback area I would eye around 59,500’s since that was our bottom back in June 5th, a Friday.

Why I’m I bullish on the higher time frame? Because we have: – ETF inflows accelerating. – Corporate Treasury adoption rising. – Declining exchange reserves. – institutional dip buying active. – Risk-On environment favoring BTC.

Now, this can change in a instant and we have to be careful on these things: – US Bond yields rising sharply. – Stocky inflation risks persist, meaning the energy crisis we are living in. – Fed maintained hawkish tone. – Stronger US data supporting dollar strength.

For intraday analysis, see the picture, I have provided support and resistance levels, as well as a target level and the reasons why.

submitted by /u/TheForexHouse [link] [comments]

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