Bitcoin has broken above the 200-wk price average near $25k and is now testing $28k. The current price candle is yellow indicating extreme bullish trend behind price.
The lower momentum indicator is still flipping bullish with green signal line rising above the 0 level, still waiting for the purple base line to rise above the 0 level for increased bullish trend signal.
The lower trend indicator show the green RSI line breaking out of its tight trading range between the 50-60 level, and is now above 60 and rising which indicates a healthy bullish trend behind price.
Overall, Bitcoin is still looking good for continued gains, and on a weekly basis, hasn't looked this strong since traders were taking price up to $70k during the Covid bubble.
Current resistance level to watch now is the $28-$30k range, and the current support to watch for on any pullback is the $25k level. $25k was previous resistance and in technical analysis that means it should now become a support level.
Today is Friday so I bought again this morning. Filled at $26.6k and new cost average is now $19.7k.
The lower momentum indicator is still flipping bullish with green signal line rising above the 0 level, still waiting for the purple base line to rise above the 0 level for increased bullish trend signal.
The lower trend indicator show the green RSI line breaking out of its tight trading range between the 50-60 level, and is now above 60 and rising which indicates a healthy bullish trend behind price.
Overall, Bitcoin is still looking good for continued gains, and on a weekly basis, hasn't looked this strong since traders were taking price up to $70k during the Covid bubble.
Current resistance level to watch now is the $28-$30k range, and the current support to watch for on any pullback is the $25k level. $25k was previous resistance and in technical analysis that means it should now become a support level.
Today is Friday so I bought again this morning. Filled at $26.6k and new cost average is now $19.7k.