A resistance level as been established at $50847 (dotted red line). Over the past week, several candles have exceeded this level, but did NOT close above it. In fact, they close almost exactly at this level. A close above this level would be a bullish signal, with downside of the current trading range at roughly 40k-43k, which we saw last weekend.
Today's prior 8H candle again flirted with breaking the resistance, but closed slightly below. The current candle is now trading above this level, but will not close until 7 pm.
Volume on the up candles has been low vs the down candles, bearish.
Today's prior 8H candle again flirted with breaking the resistance, but closed slightly below. The current candle is now trading above this level, but will not close until 7 pm.
Volume on the up candles has been low vs the down candles, bearish.
Comment:
Forgot to include a longer time frame in chart. This resistance extends back to Feb 26.