I've highlighted our Supply/Demand ranges and you can see that BTC is attempting to break out of it's upward channel into Supplyland. 8k is a reasonable target as RSI has room to grow on 4H and 8k is a retest of the previous trading zone.
The sentiment is currently bearish so you can expect some shorts to be squeezed here as traders contemplate if this is the beginning of the new bull trend leading into the halving in May.
A breakout above 8,000 will be a buy. Caution with trades here until a breakout is confirmed.
The sentiment is currently bearish so you can expect some shorts to be squeezed here as traders contemplate if this is the beginning of the new bull trend leading into the halving in May.
A breakout above 8,000 will be a buy. Caution with trades here until a breakout is confirmed.