BTC looks to be making a run toward the all-time high. However, RSI on the 4-hour chart (red line on RSI chart) has me concerned in that it is once again looking lower as we head up in addition to all of the surrounded resistance right now.
Hence I really wonder: Will we double-top? Will we break through? Or will we hit resistance by the smaller channel (dashed green lines) as well as hit resistance by the longer term trend from the last jump up around 42K (yellow solid line).
Even if RSI does indicate downward, I have learned to always also expect a short burst possible after as well (similar to what happened mid-February).
I suppose we shall see shortly, but if we do break out, there is a good chance we could end up in the higher channel (purple dotted lines, note: I probably should have drawn that going forward in time, not backwards, but I just wanted to emphasize the point about the channel), particularly as the daily chart still could have a little bit of energy left to grow. Opinions welcome too if you think there is something that shows a more definitive sign one way or another.
Hence I really wonder: Will we double-top? Will we break through? Or will we hit resistance by the smaller channel (dashed green lines) as well as hit resistance by the longer term trend from the last jump up around 42K (yellow solid line).
Even if RSI does indicate downward, I have learned to always also expect a short burst possible after as well (similar to what happened mid-February).
I suppose we shall see shortly, but if we do break out, there is a good chance we could end up in the higher channel (purple dotted lines, note: I probably should have drawn that going forward in time, not backwards, but I just wanted to emphasize the point about the channel), particularly as the daily chart still could have a little bit of energy left to grow. Opinions welcome too if you think there is something that shows a more definitive sign one way or another.