Following the "El Salvador" news (they added 150mio $ to their central bank account and made BTC a legal tender --> please correct me if I am wrong) BTC saw (as is seen for now) a rapid uptick.
Anyhow, BTC is still moving in the downward channel and proper breakout & closing above 40k would bring higher market reassurance and a technically valid downtrend break.
If price sees a dropoff of power on the upper band of a channel, we should probably see a correction down to Support 1 line, if that broken, the next stop would be at Support 2 where previous supports would also match with the channel's lower band --> expected strong support.
With the heightened volume and more stable market with positive psychology and lowering of FUD, this chart makes a compelling chance of Testing at least the first Resistance one and next testing Resistance 2 in months to follow.
What also supports a more BULLISH outlook?
- Divergence seen on a RSI Daily
- Heightened volume on current price levels (strong buyers at 33k band)
- On-Chain Analysis indicating BTS being moved on cold or hard storages
- MACD turning upwards
You can try my scripted MACD with Histogram by checking my profile under the scripts section.
Or
Just type MACD with Histogram in the features/tools section of your chart
Let me know what you think in the comments below
Anyhow, BTC is still moving in the downward channel and proper breakout & closing above 40k would bring higher market reassurance and a technically valid downtrend break.
If price sees a dropoff of power on the upper band of a channel, we should probably see a correction down to Support 1 line, if that broken, the next stop would be at Support 2 where previous supports would also match with the channel's lower band --> expected strong support.
With the heightened volume and more stable market with positive psychology and lowering of FUD, this chart makes a compelling chance of Testing at least the first Resistance one and next testing Resistance 2 in months to follow.
What also supports a more BULLISH outlook?
- Divergence seen on a RSI Daily
- Heightened volume on current price levels (strong buyers at 33k band)
- On-Chain Analysis indicating BTS being moved on cold or hard storages
- MACD turning upwards
You can try my scripted MACD with Histogram by checking my profile under the scripts section.
Or
Just type MACD with Histogram in the features/tools section of your chart
Let me know what you think in the comments below
