Bitcoin has been in a strong consolidation for two weeks, which is starting to form a pre-breakdown formation. The next retest of the 28650 level will be able to implement the buyers' plan. What is going on and what to expect from the price?
The flagship is in the stage of realization of the fifth wave. It is worth paying attention to the consolidation.
1. strong consolidation near the resistance level
2. no pullback after the false breakdown of the level 28654
3. many repeated tests of the resistance level
4. the local trend is ascending.
Proceeding from these nuances, we can conclude that the price is about to exit the upside range, break through the resistance level 28654 and go up to 30000, and then to the fibo level 1.618 at 31290 (preliminary target for the 5th wave).
There were no strong fundamentals this week, but there are a number of nuances worth paying attention to:
1. Vitalik Buterin: "there will be no more explosive growth of BTC".
2. Santiment: all major bitcoin transactions this year were made in March, and the nature of the transactions indicates "profit taking".
3. Bitcoin miners' earnings rose to a 10-month high
4. WhaleMap expects volatility to rise on the back of $5 billion worth of whale transactions at current levels. (Recall that the price is in consolidation - gaining energy to move further in one direction or the other)
5. Santiment notes bitcoin's strong dominance on social media among the crowd.