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Mar 01 - 04:55 PM

COMMENT - Monthly BTC Chart Warns Of Big Retracements

By Peter Stoneham  —  Mar 01 - 04:34 PM

The Bitcoin recorded an impressive six consecutive bull closes on the monthly chart into the end of February 2024 but if history repeats itself the leading crypto currency could be in for a rough ride through the remainder of the year.

A marked acceleration in February saw the Bitcoin rally from $41,859 to $64,000 as big buyers stepped into the market.

A similar pattern on the monthly chart from October 2020 where a six-month BTC rally peaked at $64,895 in April 2021.
The pullback from the April 2021 high extended to $28,600 by June of that year.

If repeated in 2024 the coin could head back to levels under $30,000.
The BTC would have to fail this month for the pattern to potentially play out.

Monthly Ichimoku cloud twists also give warning of potential big losses.
The drop from $69,000 November 2021 record high gravitated towards a November 2022 $8,793-$10,065 twist.
There is a $36,061-$36,162 November 2024 twist, which could have a similar effect on the current rally.

A 50% Fibonacci retracement of the $15,479-$64,000 Nov.
2022-Feb.
2024 rally is at $38,739.

 

Source:
Refinitiv IFR Research/Market Commentary

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