We can see that BTC didn't have so much problem at passing 20k as previous ATH, but we also see that we have a similar pattern as in 2017, when BTC never retested 20k until Dec 2020. What is most important we can see that BTC loves to be close to MA 50 (orange line) and loves to test MA200 at some point. To be honest, I don't expect BTC to test MA200 very soon, it is clear that we are in the Bull market and bulls are quite strong here, so let's focus on MA50 atm.
At the top of the chart in the blue lines, we can see some sort of head and shoulders pattern, and BTC is currently testing the neck. There are two situations here - BTC will go up and will retest ATH - than anything is possible - it can go up, or it can go down.
Second, maybe more likely, since we have strong MACD sell signal from a few days ago. This could happen in a week or so, as we have some kind of bullish divergence in RSI, so there is a huge chance that BTC will go up until it reaches RSI over 70-80 and then move down. So, what we need to monitor is 0,236 Fibonacci, where is also H&S neck atm. If BTC hoes bellow that I am expecting MA50 to be tested, around strong orange line 29-27k. From my point of view, this is already a good buy zone, but if you want to risk more strong buy zone is 21-23k.
If BTC goes bellow 21k, then we have very strong support on 20k ATH, and if that is lost, we can talk about changing the trend. but for now, BTC is in the Bull market for sure.
As I already told, I am expecting BTC to tests MA50 as we can see in the past that MA50 is always retested by BTC in any market.
Disclaimer:
- this is not any kind of trading advice
- I am a noob, this is for my learning and training purposes
Comments are appreciated.
At the top of the chart in the blue lines, we can see some sort of head and shoulders pattern, and BTC is currently testing the neck. There are two situations here - BTC will go up and will retest ATH - than anything is possible - it can go up, or it can go down.
Second, maybe more likely, since we have strong MACD sell signal from a few days ago. This could happen in a week or so, as we have some kind of bullish divergence in RSI, so there is a huge chance that BTC will go up until it reaches RSI over 70-80 and then move down. So, what we need to monitor is 0,236 Fibonacci, where is also H&S neck atm. If BTC hoes bellow that I am expecting MA50 to be tested, around strong orange line 29-27k. From my point of view, this is already a good buy zone, but if you want to risk more strong buy zone is 21-23k.
If BTC goes bellow 21k, then we have very strong support on 20k ATH, and if that is lost, we can talk about changing the trend. but for now, BTC is in the Bull market for sure.
As I already told, I am expecting BTC to tests MA50 as we can see in the past that MA50 is always retested by BTC in any market.
Disclaimer:
- this is not any kind of trading advice
- I am a noob, this is for my learning and training purposes
Comments are appreciated.
Comment:
For now blue line support held, but I think it is clear that we are moving to 28 to test ma50
