BTC Final pullback before the new Bull cycle starts
We are at a 5000-5700 resistance level. This coincides with Weelky 50 MA (yellow) and the top band of Weekly 21 period BB with standard deviation 3.2. Also weekly RSI just closed at 60.
I believe this is a first sign of the upcoming bullrun, but looking back at the previous prica action at these conditions I think we need to retest the Weekly 200 MA (green) one more time.
Be advised, it could still pump to 5700. I would not short here, but rather buy the next big dip. If you are leveraged long though, this is a good place to take some profit.
Have a good one.
I believe this is a first sign of the upcoming bullrun, but looking back at the previous prica action at these conditions I think we need to retest the Weekly 200 MA (green) one more time.
Be advised, it could still pump to 5700. I would not short here, but rather buy the next big dip. If you are leveraged long though, this is a good place to take some profit.
Have a good one.
Comment:
We are finding resistance at the Weekly 50, I believe this is the point where we turn around, but a weekly close above would imply continuation upwards. I'm hedged 1x here.