Bitcoin Short Term stuck between 200 day MA and 200 week MA
A really good trade would be to short the 200 day MA, or buy the 200 week MA. Short term we are just stuck between the 200 week MA and the 200 day MA, anything could happen between these so be loose on your stops because as we have seen bears and bulls both got their stops hit last week on that quick pump to 3900 and dump to 3750. Midterm I am bearish still, I believe we should at least retest the 200 week MA again and if that breaks we could see another capitulation, I will be buying 2500 area and below. If the 200 week MA holds on another retest around 3500 and we make a bigger bounce off of it that breaks the 200 day MA then I will be bullish again.
On a key side note that indicates a possible bearish pullback into the 200 week MA, the Stoch RSI is at 100 on weekly right now, the last time it was at 100 bitcoin was around 19k and we all know what happened after that. I circled the last 2 times we were at 100 on weekly Stoch RSI and we had a nice pullback on price so I am expecting the same will happen this time as well. This doesn't mean we can't go reject from the 200 day MA it just means a nice pullback is coming. Short term is in a strong resistance zone but with enough volume we could move up more, not saying we can't pump a little more, I just don't see the short term rally lasting long.
Overall, short term my maximum target for this rally is 4800-4900 if we get over the 4250-4300 resistance. If we don't clear this resistance I expect a retest of the 200 week MA. No clue what will happen on the retest at the 200 week MA but that's my best analysis as of now 3500 area will be retested it is coming.
On a key side note that indicates a possible bearish pullback into the 200 week MA, the Stoch RSI is at 100 on weekly right now, the last time it was at 100 bitcoin was around 19k and we all know what happened after that. I circled the last 2 times we were at 100 on weekly Stoch RSI and we had a nice pullback on price so I am expecting the same will happen this time as well. This doesn't mean we can't go reject from the 200 day MA it just means a nice pullback is coming. Short term is in a strong resistance zone but with enough volume we could move up more, not saying we can't pump a little more, I just don't see the short term rally lasting long.
Overall, short term my maximum target for this rally is 4800-4900 if we get over the 4250-4300 resistance. If we don't clear this resistance I expect a retest of the 200 week MA. No clue what will happen on the retest at the 200 week MA but that's my best analysis as of now 3500 area will be retested it is coming.