Based on new data that is available just now, the daily action and the Altcoins market is Bitcoin considered to be bullish or bearish coming from TA?
Bitcoin just produced a new ATH based on candle close, 20-May, higher than 18-May at $106,855. Resistance continues to be challenged, the more challenge the weaker it becomes.
Market conditions are bullish of course, we have now the same situation as in late April and in late April we were witnessing a bullish continuation and prices moved up. Remember late May? That's the time when everything Crypto goes bullish and bullish it is already just hyper-bullish not yet.
A new All-Time High is bullish enough I guess but Bitcoin will continue growing we have very good dates 22 and 24 May. And then the rest of the month for additional growth. This is only the start.
But, will Bitcoin continue straight up or is there room for a retrace?
That's being a bit too greedy but ok, let's study the chart an answer. There is room for a small retrace but this type of retrace is low probability, why? Many people would be waiting for such a move and since this is easy to see and expect the market movers tend to move in a way that people cannot predict, which means straight up. Most people would think that straight up is too much, there must be some relief and so, instead of betting up they bet down short-term but this never works because all the bears are thinking the same. The whales are smart and know how to play. Once the "go" button is on, it is on and Bitcoin grows non-stop until the next major resistance zone.
I identified for you the most strong support level ultra long-term, based on numbers from 2022-2021 and that's $102,000. This level cannot fail weekly/monthly timeframes.
Now, my idea is that Bitcoin will continue growing straight up. There is just no time for retrace, Bitcoin is being magnetized by an incredible force. Bitcoin is being guided by Mars and Saturn and both of these planets are saying up!
Namaste.