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I'M SHOCKED THIS SETUP HAS NEVER FAILED.
BITCOIN HAS BOTTOMED EXACTLY 23 MONTHS AFTER THE ALL-TIME HIGH IN EVERY CYCLE.
WE ARE SITTING AT MONTH 23 RIGHT NOW.
TICK TOCK.
$BTC got rejected from the $64,500-$65,000 resistance zone again.
I warned you that the spot is selling, and I hope you listened.
Now, Bitcoin needs to hold above the $62,500 zone, or else it could drop below $61,000.
Bitcoin closed weekly above important support level of MA 200 with a doji candle.
This shows the market is still uncertain, but the bullish engulfing candle from three weeks ago remains intact.
Earlier the same pattern appeared 3 times this cycle and each one was followed by a strong rally.
Two scenarios:
1. Hold $58K = Breakout toward $67K, then $83K.
2. Lose $58K on the weekly close = Next support around $49K.
US CPI report this week will be crucial.
Lower inflation could help Bitcoin recover, while higher inflation could send it lower.