Hello everyone,
I'm going to keep this one short and simple.
Last night we saw Bitcoin break out of the triangle it was ranging in over the weekend.
With this continuation of higher lows we can expect price to continue to move up from here.
However I wanted to point out this cluster of resistances coming up that might push price back down.
- There is a major trend line from early 2019 that acted as diagonal support to spark the 2019 bull run as well as the Jan-Feb 2020 rally. Now this trend line is flipped to resistance and price is getting closer to this level.
- There is also another main trend line from the Feb 2020 highs downward which may act as resistance.
- We also see the 50MA on the daily coming down right into this zone.
- Additionally the 0.618 fib retracement lies at this level too.
- The blue box drawn on the chart was drawn based on price structure going all the way back to June 2019.
We have all of these elements converging at the same point so this is an area that we need to keep a close eye on and potentially short if we get the proper signals.
I hope this analysis was useful for you, please leave a like if you agree!
I'm going to keep this one short and simple.
Last night we saw Bitcoin break out of the triangle it was ranging in over the weekend.
With this continuation of higher lows we can expect price to continue to move up from here.
However I wanted to point out this cluster of resistances coming up that might push price back down.
- There is a major trend line from early 2019 that acted as diagonal support to spark the 2019 bull run as well as the Jan-Feb 2020 rally. Now this trend line is flipped to resistance and price is getting closer to this level.
- There is also another main trend line from the Feb 2020 highs downward which may act as resistance.
- We also see the 50MA on the daily coming down right into this zone.
- Additionally the 0.618 fib retracement lies at this level too.
- The blue box drawn on the chart was drawn based on price structure going all the way back to June 2019.
We have all of these elements converging at the same point so this is an area that we need to keep a close eye on and potentially short if we get the proper signals.
I hope this analysis was useful for you, please leave a like if you agree!
Comment:
Perfect reaction from exactly where I said it might start a drop. Let's see if bears can keep break down the rising wedge now.
