Bitcoin (BTC) is currently above $87,000 and is continuing to make a series of higher highs and higher lows in the short-term time frame. With the U.S. stock markets also looking to break back above important resistances, could this be the beginning of something a lot bigger?
Robert Kiyosaki terms a new acronym
Billionaire entrepreneur Robert Kiyosaki posted his view on X on Monday that FOMO (fear of missing out) had now been joined in crypto parlance by another acronym which he himself has termed “FOMM”. For Kiyosaki, FOMM (Fear Of Making Mistakes) is what is learnt by those who will remain poor. He stated in his X post:
“The biggest opportunity in history is here…BITCOIN has made (it) easy for everyone (to) become rich…..Yet most people with FOMM will miss one of the greatest wealth creations in history.”
While he believes that those who FOMO into Bitcoin will “accelerate into generational wealth”, he says that the “FOMM crowd” will wait until Bitcoin passes $200K and then they will say “Bitcoin is too expensive.”
Kiyosaki goes on to say that nobody should take his word for it. He lists several pro-Bitcoin experts that people could learn from, including: Geoff Booth, Michael Saylor, Mark Moss, Larry Lepard, and Raoul Pal among others. He gives the advice to also listen to those who “trash Bitcoin”, and suggests that the listener then makes up their own mind.
He gives further good advice by affirming that “the best information is on YouTube”, and that it’s “free”. He ends his post with a reiteration from his best-selling book “Rich dad, poor dad”, that schools erroneously teach that those who make mistakes are stupid.
Kiyosaki’s post could be taken as a timely reminder to do proper research on Bitcoin, and not to just read or listen to what the mainstream media would have one think about it.
$BTC makes another short-term higher high
Source: TradingView
Looking at Bitcoin on the short-term time frame it can be seen that the price is still making higher highs and higher lows. The current 4-hour candle has just made a higher high, so for the time being at least, this mini uptrend remains unbroken.
Also, the price looks to be breaking the resistance at $87,000. If the bulls can continue to force the price higher, a short squeeze becomes a more likely scenario, although at some point, it is more likely that the price breaks to the downside from the ascending wedge. That said, in the grand scheme of things, this could just lead to more sideways price action, which may be needed before a definitive strong rally out of this range.
Daily breakout in the RSI
Source: TradingView
Moving out into the daily chart for $BTC, it can be seen that the next major level of resistance is at $91,400. It just remains to be seen whether this current rally can get the price up to this level.
At the bottom of the chart, the Relative Strength Index is showing a potential break of the descending trendline. If successful, this would be the first upside break of this indicator since the move up through the $91,400 resistance for the first time. This also comes after the lowest low for this indicator since August 2023.
Solid bounce for $BTC in weekly time frame
Source: TradingView
The weekly time frame for $BTC is looking better and better. A really solid bounce is taking place from the $80,000 horizontal support level, and it rather looks like the price might indeed reach the $91,400 resistance level.
The Relative Strength Index on this chart is showing a decent bounce for the indicator from the very important structure at 44.00. If the bounce can send the indicator up through the descending trendline as well, this would be bullish.
The Stochastic RSI at the bottom of the chart continues to show the indicator lines heading up. This can soon bring some huge upside momentum under the price. The winds of change are blowing through the crypto market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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