Video Description
Bitcoin is trading around $80,000 and Dennis's position is that the bull run is not confirmed yet. The confirmation he watches is a weekly close above the 50-week SMA at roughly $78,700, and that candle has not closed.
The setup is a near-exact replay of February 2023. Back then the 50-week SMA sat at about $25,000 and the 200-day SMA at about $20,000; today those same two lines sit at roughly $80,000 and $70,000. In 2023 price peaked just above the 50-week, got rejected, chopped sideways below it, and only then broke out. The range between $70,000 and $80,000 today is the same range as $20,000 to $25,000 then.
That leaves two branches. If the week closes above the 50-week, he treats the breakout as confirmed. If it does not, 2023 says the move can retrace to the 200-day at $70,000...
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