On the , we can see that BTC is breaking out into overbought territory, which on the has been HISTORICALLY indicative of the beginning stages of massive bull runs. You can see that it happened in July of 2012, then November of 2015. However, in May of 2019, we did see a bull run but it wasn't a mega bull cycle. This time looks a bit different though. Also, BTC has some catching up to do after the halving, and just looking at the action of the , we can see that it is trending higher. What's concerning, is that price has technically formed a (slightly) higher high (compared to the 14000 high of July 2019,) but the highs of the and the are lower. That's technically a divergence, but the indicators are close, and could catch up. Overall, I think the prevailing factor is the rising blue arc. It has held since BTC's inception, and there is currently no reason to think it will fail. For now, we need to keep a close eye on the action around 14K . If it is meaningfully broken, 20K will be next, and the rise to 20K could be rapid. Obviously, a failure to surpass 14K could cause BTC to retest the bottom of the rising arc. However, at the moment, that doesn't appear to be the higher probability outcome.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***