Good morning, new week, new luck. Bitcoin is trading below its range (orange box) at around $42,700 and doesn't seem to want to rise.
After the bumpy start of the Bitcoin ETF and the so-called "Bulltrap" on the first trading day, Bitcoin was heavily sold off and pretty much broke every internal support.
In the end, exactly the scenario we talked about for days has occurred: the wicks in the $42,000 range have been filled, but this happened, of course, when almost no one expected it anymore.
Now, over the weekend, we have been in a range (orange box) from which it is difficult to break out above.
This could be because we are getting very strong resistance from our 200 EMA, which will soon be supported by the 20 EMA. Directly above us, our POC (orange line) is still in a very strong resistance zone (red box), which will also be supported very soon by the 50 and 100 EMA.
However, the RSI indicates that we are oversold, which could give us some upward momentum. Also, the MACD is about to make a "bullish cross." In addition, a significant amount of liquidity has naturally accumulated above us, which must be picked up sooner or later.
The American markets are closed today, which could work in our favor. More on this in the following video market update. Until then, I wish you much success!
After the bumpy start of the Bitcoin ETF and the so-called "Bulltrap" on the first trading day, Bitcoin was heavily sold off and pretty much broke every internal support.
In the end, exactly the scenario we talked about for days has occurred: the wicks in the $42,000 range have been filled, but this happened, of course, when almost no one expected it anymore.
Now, over the weekend, we have been in a range (orange box) from which it is difficult to break out above.
This could be because we are getting very strong resistance from our 200 EMA, which will soon be supported by the 20 EMA. Directly above us, our POC (orange line) is still in a very strong resistance zone (red box), which will also be supported very soon by the 50 and 100 EMA.
However, the RSI indicates that we are oversold, which could give us some upward momentum. Also, the MACD is about to make a "bullish cross." In addition, a significant amount of liquidity has naturally accumulated above us, which must be picked up sooner or later.
The American markets are closed today, which could work in our favor. More on this in the following video market update. Until then, I wish you much success!