Good morning, traders. Bitcoin made a strong move this weekend. Make no mistake, it's been tough as there has been significant resistance, but price has moved up in spite of that and is now sitting just above the two month long descending channel resistance. In making this move, price has pushed beyond the green price target from last week and is above the daily pivot. H4 and D1 RSI bounced off their respective support levels as I noted was important to watch, leading to this move up. Currently, price is finding resistance at the 38.2% fib level but it is above the daily 50 EMA. The H4 flagpole target still sits at $3949 while the channel target sits at $4400.
I want to see price close above the January 19th swing high of $3774, at a minimum. We don't want to see today's daily candle close below that level now that price has breached it. Lower TFs are well over-bought at this time. Daily RSI is nearing overbought as well. Daily volume is building up nicely, but we need to see it expand beyond the February 8th volume. That doesn't need to happen today, but it should come on the heels of continually expanding volume to provide a case for longer TF bullishness. The worst thing traders can do at this time is to emotionally enter a trade in either direction. There are still a lot of short-term resistance levels that price must close above and it must be done consistently without any fatigue in buying. Why? Because daily RSI continues to print higher highs for the past 2.5 months while price is printing lower highs. This is happening while price is still within the symmetrical triangle. Weekly RSI suggests that we need to see a price close above $4090 to keep that hidden bearish divergence from playing out.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
I want to see price close above the January 19th swing high of $3774, at a minimum. We don't want to see today's daily candle close below that level now that price has breached it. Lower TFs are well over-bought at this time. Daily RSI is nearing overbought as well. Daily volume is building up nicely, but we need to see it expand beyond the February 8th volume. That doesn't need to happen today, but it should come on the heels of continually expanding volume to provide a case for longer TF bullishness. The worst thing traders can do at this time is to emotionally enter a trade in either direction. There are still a lot of short-term resistance levels that price must close above and it must be done consistently without any fatigue in buying. Why? Because daily RSI continues to print higher highs for the past 2.5 months while price is printing lower highs. This is happening while price is still within the symmetrical triangle. Weekly RSI suggests that we need to see a price close above $4090 to keep that hidden bearish divergence from playing out.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.