From the current structure, it looks like Bitcoin (BTC) may be retesting the key support level @ $40k..a potential bleed incoming. If we fail to hold $40k as our key support level, BTC may fall further, retesting the 23.60% fibs @ $39,694
Further to this, the Sovereign A.I script has just triggered a Sell Signal on the Weekly timeframe (Not to be too alarmed, we are still bullish on BTC), it looks more than likely that we may experience a longer period of this downward trend (already 6 weeks in). I believe if BTC finishes above $46k-$47k this month then we may regain market sentiment. As it stands, we are just days away from a big breakout of this descending wedge towards $49k or the more gloomy scenario in the short-term which would see BTC retest the previous key support and may further to the May Bottom $20k. This is the capitulation which will fuel the next parabolic phase as we go into late Q2, Q3 and the road to $100k is still plausible after the climb back to retest the previous ATH @69,004.
looking back at the past year BTC has been consolidating in a range between $28k-$70k, further capitulation will only fuel the next impulsive run for Bitcoin, have a look at this potential scenario..
551% Gain for Bitcoin at the current price to the full fib extension @ $290,017, and from the lower price range if we fall further during this extended cycle, it is a 694% gain @ 50% fibs ($34,172) to the full fib extentsion
Further to this, the Sovereign A.I script has just triggered a Sell Signal on the Weekly timeframe (Not to be too alarmed, we are still bullish on BTC), it looks more than likely that we may experience a longer period of this downward trend (already 6 weeks in). I believe if BTC finishes above $46k-$47k this month then we may regain market sentiment. As it stands, we are just days away from a big breakout of this descending wedge towards $49k or the more gloomy scenario in the short-term which would see BTC retest the previous key support and may further to the May Bottom $20k. This is the capitulation which will fuel the next parabolic phase as we go into late Q2, Q3 and the road to $100k is still plausible after the climb back to retest the previous ATH @69,004.
looking back at the past year BTC has been consolidating in a range between $28k-$70k, further capitulation will only fuel the next impulsive run for Bitcoin, have a look at this potential scenario..
551% Gain for Bitcoin at the current price to the full fib extension @ $290,017, and from the lower price range if we fall further during this extended cycle, it is a 694% gain @ 50% fibs ($34,172) to the full fib extentsion