Bitcoin and the rest of the crypto market is entering into an exciting phase. Cryptoriate published on 24 Feb 2019 that Bitcoin has either found a bottom or very close to do so, and time proved that the analysis was right. Two order blocks were emphasized as a confirmation: $4K-4.3K and $5.8K-6.1K and how a break above could declare the end of the current bear cycle. Bitcoin was trending around $3.5K on 24 Feb 2019, broke above and hit approximately $9K on 30 May 2019. It bottomed out in Dec 2018 at $3,158 and rose to a glorious figure of 9,096 USD, a rise of 185% in mere 5 months.
On the weekly TF, strong support levels are the confluence of 100 MA and 38.2 Fib around $6.8K and a confluence of 50MA and 61.8 Fib around $5.5K. The volume is in the favor of bulls. Any pullback is being aggressively bought without price dipping a lot. The green order blocks represent strong support levels.
There is an overhead resistance at $8.2K, followed by a psychological resistance block spanning $9K-10K. There is a confluence of resistance at $9K-10K which makes it harder to surpass at this stage.
A weekly close above 10K could push BTC to $11.5K. The other resistance levels are highlighted by red lines in the chart.
A more detailed analysis can be read at cryptoriate.com
On the weekly TF, strong support levels are the confluence of 100 MA and 38.2 Fib around $6.8K and a confluence of 50MA and 61.8 Fib around $5.5K. The volume is in the favor of bulls. Any pullback is being aggressively bought without price dipping a lot. The green order blocks represent strong support levels.
There is an overhead resistance at $8.2K, followed by a psychological resistance block spanning $9K-10K. There is a confluence of resistance at $9K-10K which makes it harder to surpass at this stage.
A weekly close above 10K could push BTC to $11.5K. The other resistance levels are highlighted by red lines in the chart.
A more detailed analysis can be read at cryptoriate.com
Comment:
Hit the overhead resistance at $8200
Comment:
A weekly close above $8,750 could open the gates towards the next resistance $11,500