2024-05-21 - a daily price action after hour update - bitcoin
Good Evening and I hope you are well.
bitcoin
comment: Bulls strongly broke above 67000 and 71954 was the high of the day. If you followed my bullish outlook in my weekly post, that trade was good for 2500+ points.
current market cycle: Bull trend inside bigger trading range
key levels: 67000 - 74000
bull case: Bulls need to keep the pull-back shallow and above 68000 for chance of another strong leg up to ath or higher. Pay attention to the 4h 20ema, that’s where we got the second leg up today. Bull channel is working fine and 69000 could be a good place to go long again, once we touch the 4h ema again and get strong buying. Daily 20ema is 4000 points away, so very bullish price action.
bear case: Not much to be honest. Technically still a lower high but bears would need much stronger selling for bulls to cover again. Right now it’s a pull-back in a bull-wedge that leads to 74000. They need to get back below 68000 first and break outside the bull wedge and channel.
short term: Bull channel and wedge are perfectly intact, so higher prices are expected after the pull-back. Retest of 73800 or higher. Invalid below 67000.
medium-long term: down to 40000 (could take 3-6 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged
trade of the day: Many rejections at 71400 area and bar 14 was a perfect sell signal.
bitcoin
comment: Bulls strongly broke above 67000 and 71954 was the high of the day. If you followed my bullish outlook in my weekly post, that trade was good for 2500+ points.
current market cycle: Bull trend inside bigger trading range
key levels: 67000 - 74000
bull case: Bulls need to keep the pull-back shallow and above 68000 for chance of another strong leg up to ath or higher. Pay attention to the 4h 20ema, that’s where we got the second leg up today. Bull channel is working fine and 69000 could be a good place to go long again, once we touch the 4h ema again and get strong buying. Daily 20ema is 4000 points away, so very bullish price action.
bear case: Not much to be honest. Technically still a lower high but bears would need much stronger selling for bulls to cover again. Right now it’s a pull-back in a bull-wedge that leads to 74000. They need to get back below 68000 first and break outside the bull wedge and channel.
short term: Bull channel and wedge are perfectly intact, so higher prices are expected after the pull-back. Retest of 73800 or higher. Invalid below 67000.
medium-long term: down to 40000 (could take 3-6 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged
trade of the day: Many rejections at 71400 area and bar 14 was a perfect sell signal.
