This is a crucial time for BTC, as we're pushing up against the trendline of 3 previous peaks. The next day or two will likely show us the near-term direction, either driving through the trendline to break this linear pattern of lower highs and potentially take us up to the ~9k level, or bounce off it and come back down to sub 7k levels, likely finding strong resistance around 6.7k.
Currently on the 4h chart we've seen a small rejection at the trend level, and a very low "movement per volume" bar on the bar whose high tested the trendline but closed below. This low movement on high volume indicates we're seeing the sudden resistance that we would expect at this level. Combined with divergence in the 4h RSI as we reach higher prices on a lower RSI of 71 and the daily RSI just a whisker away from oversold level at 69.4, there will likely be optimism from bears.
On the bullish side the price has broken several key moving averages and has been continuing to rise after the very strong momentum in the first half of last week led to a brief battle of wills which the bulls appear to have won in the short term, breaking us out of the 7300-7500 range to where we sit now. A clear break of the trendline at this point, (also lining up with the resistance seen at the highs of June 3rd-7th) could be enough to have us knocking on the door of 9k in short order.
Currently on the 4h chart we've seen a small rejection at the trend level, and a very low "movement per volume" bar on the bar whose high tested the trendline but closed below. This low movement on high volume indicates we're seeing the sudden resistance that we would expect at this level. Combined with divergence in the 4h RSI as we reach higher prices on a lower RSI of 71 and the daily RSI just a whisker away from oversold level at 69.4, there will likely be optimism from bears.
On the bullish side the price has broken several key moving averages and has been continuing to rise after the very strong momentum in the first half of last week led to a brief battle of wills which the bulls appear to have won in the short term, breaking us out of the 7300-7500 range to where we sit now. A clear break of the trendline at this point, (also lining up with the resistance seen at the highs of June 3rd-7th) could be enough to have us knocking on the door of 9k in short order.
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Things are looking bullish, I'll be holding onto my long position and still expecting to see ~8900 in the near future. Fundamentally still expecting to see the loosened crypto advertising restrictions and anticipation of ETF news driving prices higher.