The weekly chart for Bitcoin clearly shows bullish momentum. When we dive deeper into key indicators like OBV, RSI, LMACD, MFI+, Stochastic RSI, and the Hash Ribbons, they all point toward the potential for a new high in the coming weeks or months. However, there’s a crucial caveat. On the monthly timeframe, these same indicators suggest the possibility of a "dead cat bounce," similar to late 2021 due to an decreasing momentum. This could lead to a double top formation, potentially pushing the ATH slightly higher into the $80k-$90k range.
That said, this presents a great opportunity, and we should seize it wisely. Solid analysis overall!
The weekly chart for Bitcoin clearly shows bullish momentum. When we dive deeper into key indicators like OBV, RSI, LMACD, MFI+, Stochastic RSI, and the Hash Ribbons, they all point toward the potential for a new high in the coming weeks or months. However, there’s a crucial caveat. On the monthly timeframe, these same indicators suggest the possibility of a "dead cat bounce," similar to late 2021 due to an decreasing momentum. This could lead to a double top formation, potentially pushing the ATH slightly higher into the $80k-$90k range.
That said, this presents a great opportunity, and we should seize it wisely. Solid analysis overall!
Thank you for sharing your perspective!