Bitcoin has broken through the 200 MA which is amazing for the BTC bulls but I would pay close attention to the tweezer top candle formation we are seeing here on the daily and also the type of ascent we have seen on the lower time frames.
This is showing me that we could be seeing a false breakout/bull trap.
Plus if we look at the lower time frames we can see a bearish divergence on the RSI and judging the lower time frame price action the current ascent is unsustainable without a healthy pullback in my opinion, whether that be around -3% to retest the 200 MA and continue higher or around -9%/-10% to the 42.9k levels before continuing higher is up in the air.
A good pullback is needed to carry on this bullish momentum though.
This is showing me that we could be seeing a false breakout/bull trap.
Plus if we look at the lower time frames we can see a bearish divergence on the RSI and judging the lower time frame price action the current ascent is unsustainable without a healthy pullback in my opinion, whether that be around -3% to retest the 200 MA and continue higher or around -9%/-10% to the 42.9k levels before continuing higher is up in the air.
A good pullback is needed to carry on this bullish momentum though.