During last month final consolidation we have a many FUD:
* SEC revision
* Indian exchange stop
* Futures potential price drops
* Michael Novogratz says in sept that BTC will go to 40k, this week says that BTC will not reach 9k till the year, today says that $6850 important for real move LOL
And we have a facts:
* Almost 1 month of BTC low volatility and hold positive trend (this is bearish or bull for you? lol)
* If you watch VPVR - you can see that we now above huge support and under this level the all supports is less and closer big support at $4200 (no real for crypto capital index).
* 1W RSI shows classic squeeze formation and already moves in tight range with RSI 25 EMA
* On 12h chart you can see that price now trying to breakout resistance line of RSI triangle
* Last day closed above important volume border $6610
* Any sell offs last 2 weeks was absorbed very quick
What need now:
* Breakout volume range border $6700
* Next breakout $7500 (may be with little pullback and creation higher low around $7200)
* Next breakout $8300
After this levels the first resistance on $11700.
* SEC revision
* Indian exchange stop
* Futures potential price drops
* Michael Novogratz says in sept that BTC will go to 40k, this week says that BTC will not reach 9k till the year, today says that $6850 important for real move LOL
And we have a facts:
* Almost 1 month of BTC low volatility and hold positive trend (this is bearish or bull for you? lol)
* If you watch VPVR - you can see that we now above huge support and under this level the all supports is less and closer big support at $4200 (no real for crypto capital index).
* 1W RSI shows classic squeeze formation and already moves in tight range with RSI 25 EMA
* On 12h chart you can see that price now trying to breakout resistance line of RSI triangle
* Last day closed above important volume border $6610
* Any sell offs last 2 weeks was absorbed very quick
What need now:
* Breakout volume range border $6700
* Next breakout $7500 (may be with little pullback and creation higher low around $7200)
* Next breakout $8300
After this levels the first resistance on $11700.
Comment:
Bullish trend confirmed - this correction analysis closed.
Comment:
Name of this event is SQUEEZE - this is what we talking about last month for BTC and other alts
Comment:
Im waiting this first wave to 7500 around. And next when USA wakeup in 8-12 hours.
Close this day above $6250 is important condition for bullish sentiments.
This border also is bottom border of big volume of this correction. If price go to 6k levels - $5400 around will be tested.