Bitcoin remains bullish despite alerts of volatility

Bitcoin’s position remains bullish as it continues to hold strong above the daily TBO Cloud, with no signs of weakness on bigger timeframes. While a recent TBT Stop Loss Hunting Alert may have caused some concern, it is more of a precautionary signal than a reversal warning. This alert indicates possible volatility over a 48-hour period, which seems to have been managed by the market without significant disruptions.

Looking at the daily chart, Bitcoin’s structure remains positive. Volume is high, OBV is on an upward trend, and all TBO indicators continue to support a bullish outlook. Price action may not have seen a significant surge yet, but this is in line with past behaviors. Previous TBO Breakout Clusters have taken time to unfold, like the ones in February 2024 and late 2023. Therefore, the current breakout, only 8 days in, does not present any technical reasons to abandon the bullish stance. The target of $148,000, reflecting a 40% increase, remains a plausible projection.

Taking a broader view on the weekly chart, Bitcoin’s bullish narrative is reinforced. It is comfortably above the weekly TBO Cloud and past resistance levels at $106,457. The weekly RSI is convincingly above 70, historically indicating continuous bullish momentum for several weeks. OBV is showing an upward trajectory, and weekly volume has surpassed its moving average. All these factors point towards a healthy uptrend.

Despite short-term fluctuations and volatility inherent in any market cycle, particularly during bullish phases, the overall outlook for Bitcoin remains positive. The cryptocurrency displays structural strength across major timeframes. While it is wise to be cautious during SL Hunting alerts, the evidence from both daily and weekly charts supports ongoing optimism.

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Aaron Dishner, co-founder and lead instructor at The Better Traders, Inc., and owner of the YouTube channel Moonin Papa, is a respected figure in the crypto trading world. With a background in teaching and extensive experience in bot trading and day trading, Aaron aims to make trading accessible and secure for a wide audience. Serving thousands of students globally, his mission is to enable anyone to benefit from the financial opportunities presented by the crypto market.