{"id":56404,"date":"2022-03-01T10:56:01","date_gmt":"2022-03-01T15:56:01","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=56404"},"modified":"2022-03-01T10:56:01","modified_gmt":"2022-03-01T15:56:01","slug":"major-cryptos-enter-bullish-mode","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/03\/major-cryptos-enter-bullish-mode\/","title":{"rendered":"Major Cryptos Enter Bullish Mode"},"content":{"rendered":"

\"Bitcoin\"<\/a><\/p>\n

The price of Bitcoin<\/a><\/strong> has built two large legs down that perfectly fit the slightly up-sloping trend channel (orange). It means these legs are equal in size. It is a good sign as we could consider the large consolidation as completed then. <\/p>\n

Since January 24, 2022, the sharp move up advanced rapidly to hit the new high of $46k last month, breaking above the earlier minor top established on January 13, 2022, at $44.5k. However, despite such good progress, that move could be just a \u201cdead cat bounce.\u201d Later last month, the strong collapse almost proved that. However, it turned out to be a deep retracement as there was no new low. <\/p>\n

The bullish setup has emerged after a minor spike from $34k up to $40.3k has been followed by a tiny consolidation between $40.3k and $37k. The buy trigger at $40.3k was activated yesterday when the price of Bitcoin has rocketed beyond it. The confirmation level is at the top of $46k.<\/p>\n

The RSI has turned bullish again after a deep correction.<\/p>\n

The all-time high of $69k is the minimum (conservative) target as the price should at least retest it to either be rejected there or break the barrier. The invalidation level is located below the valley of red leg 2 under $32.8k. The risk-reward ratio of this setup stands at a good level of 3.8 with a conservative target. Later we will be able to update the target upon the visible progress of the price to the upside.<\/p>\n

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Do you see the buying opportunity for Bitcoin?<\/strong><\/p>