Bitcoin is on the run...... but has some hurdles in the way

Hi everyone, thanks for checking out our TA. Let's get right into it.

What a week for the market! BTCUSD is usually first to respond and drags the alts with it when the market moves. But not so fast... it was the opposite this time. The market has been itching to move since BTCUSD was accumulating under $7K.

Fast forward to the present and oh how the market viewpoint has changed. BTCUSD is fighting to break the heavy upward resistance at $9,250 - $9,450. Once BTCUSD broke the downward resistance trend line, our eyes were on the $9,000 - $9,250 heavy resistance zone and BTCUSD is currently in an upward bullish pennant htting the resistance wall. If BTCUSD pushes through this resistance at the 23.6% LT FIB retracement, there is nothing but green pastures back up to $11,500.

I've drawn a potential head & shoulders pattern to illustrate the other outcome, a bearish divergance. If the bullish pennant support line were to break, we've identified three support levels for BTCUSD . The critical level of support would be the zone between $7,800 - $7,950. If BTCUSD falls below this line and doesn't complete the head & shoulders pattern, well then we can expect to create new low targets.

So far, the alts have been the one to push this market forward and drag BTCUSD up along with it. The alts have not slowed down to wait for BTCUSD to catch up. If this trend continues, we expect BTCUSD to break the heavy resistance from $9,250 - $9,450.

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As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR