Bitcoin Update 2/7/22 - Trending UP, but a DECISION AREA
Bitcoin is currently at a very important Decision Area (44,000). How it handles this level will be very telling of what is likely to come in the near future. This is a prior Support turned Resistance. If we can stay above it, I see a good chance that we get to a new All Time High. If it struggles here and stays in a range, however... we will likely see a much deeper drop in Bitcoin and a long Bear winter season.
A possible Bullish sign... Today, Bitcoin started to show a little decoupling (detachment) from the Stock Market today as it moved up while the Stock Market fell. Whether or not this will be a trend or just a temporary thing remains to be seen. It is possible that just like in the summer, all of the Bitcoin paper hands have been shaken out and all the Bitcoin diamond hands have come in to grab all the Bitcoin at their desired price. If so, then that may be the turnaround needed for a continuation to a new All Time High. Will be watching...
A possible Bullish sign... Today, Bitcoin started to show a little decoupling (detachment) from the Stock Market today as it moved up while the Stock Market fell. Whether or not this will be a trend or just a temporary thing remains to be seen. It is possible that just like in the summer, all of the Bitcoin paper hands have been shaken out and all the Bitcoin diamond hands have come in to grab all the Bitcoin at their desired price. If so, then that may be the turnaround needed for a continuation to a new All Time High. Will be watching...
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