Fake Dip? The MOST important Bitcoin Chart Traders Are Watching

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👇1-12) Beware of fake dips when triangles break. Bitcoin’s relative strength has retraced back to 40%, which has been associated with rally attempts on three occasions since early 2023. We are pointing out a new ‘line in the sand’ where we might change our view. The previous ‘line in the sand’ where we turned bearish was 68,300.

👇2-12) Although we had been (correctly) bearish in January 2024 (most will remember that), we turned bullish on January 26. The last sentence of our January 26 report stated, “We would use any further dip to start buying again.” Our view was also covered in CoinDesk (here).

👇3-12) We used the term new bull market as early as mid-January 2023 when lower inflation turbocharged the rebound. Hence, we focused on when a) inflation turned unexpectedly higher and b) the Fed turned less dovish. As we pointed out during the last few weeks, the situation might be very different, with severe consequences for Bitcoin - that’s why our analysis below might be of the utmost importance.

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