spaceboots

It has been some time since I have posted on this asset, but we are seeing positive and bullish momentum in recent weeks across the crypto space. I wanted to wait for confirmations before posting and update here. It has been a two year bear market that we appear to be coming out of as of October 2023 and into early 2024. We have gotten confirmation on several timeframes, but we are looking at the weekly timeframe currently. As you can see, during the month of February TRAC has broken out above key resistance level of approx. $.73-.75 and is now climbing above a key psychological level of $1.00. On lower (daily and 4 hour) timeframes, we are looking a little extended, so this could mean a pull back to the 50 MA in the near term. However, on the weekly, gotten golden crosses of the 21 week moving average crossing above the 50 Week Moving average in December and the 200 day moving average crossing above the 50 week moving average, with all moving averaged currently pointing up. On the technical side, things are looking very good for $TRAC. On the fundamental side of things, Trace Labs has been making regular progress working through their roadmap, announcing key partnerships with established companies, and publishing tens of thousands of assets on their decentralized knowledge graph on their route to launching v2.0 - keep an eye on this project and associated assets in the coming weeks, months, and years.

The last few weeks have been quite the roller coaster in traditional markets, while crypto has edged upwards steadily. However, as price action has edged upwards, underlying technicals in RSI, MACD, Trading Volume, and Stochastic slow have been flashing bearish divergence underneath. Do you think BTC is bullish or bearish?

Re-publishing this idea for BTC in 2022. It seems this was a bit ahead of schedule due to ongoing macro forces continuing to push the markets down. I was using the 2017-2018 bear market as a comparison and expected to be hitting this point in November. Very difficult to say where we will go from here. Market sentiment is still very low, traditional markets are bleeding as well, surprise 75 bps rate hike, and inflation still rising as of May. Tough times in the financial world right now.

An idea for Bitcoin in 2022. Looking like a weekly reversal candle right now, could mean a small rally to mid March when the Fed is expected to impose initial interest rate hikes with potentially more throughout each quarter. Possible year downturn before a take off again post-2022. Possible time to accumulate :) Using 2017-2018 downturn as a comparison, could see as low as $20,100's, may tap lower - $18k rage, we shall see!