Bitcoin is approaching resistance and it's going to test the 50k level again. I can't emphasize enough the importance of this particular chart, this in my opinion is the most valuable chart you can see on BTC other than On-Chain Analytics/Data. From a TA standpoint, this chart is magical.
What we are looking for is a test of that Red Resistance line at around 50k and then consolidation as it gains strength to break this level. Pay attention to the RSI as it will be an incredible indicator if we really are going to see BTC squeeze to New All-Time Highs. Look at the resistance (2 Black Lines) on the RSI, you can see BTC battled the resistance until it finally was able to squeeze out of it (the Blue Square) where it sent the price up by 81%. We are looking for the exact same thing to play out again, and if it does BTC will VERY likely reach New All-Time highs.
Any break below 45-46k at this point will weaken the strength of this pump short term and will likely lead to a sideways/downward movement for some time. It's crucial BTC stays above this level to stay highly Bullish.
Here is how I was able to successfully predict this pump weeks beforehand and why this chart is so valuable; Very important and more in-depth information on the post below;
What we are looking for is a test of that Red Resistance line at around 50k and then consolidation as it gains strength to break this level. Pay attention to the RSI as it will be an incredible indicator if we really are going to see BTC squeeze to New All-Time Highs. Look at the resistance (2 Black Lines) on the RSI, you can see BTC battled the resistance until it finally was able to squeeze out of it (the Blue Square) where it sent the price up by 81%. We are looking for the exact same thing to play out again, and if it does BTC will VERY likely reach New All-Time highs.
Any break below 45-46k at this point will weaken the strength of this pump short term and will likely lead to a sideways/downward movement for some time. It's crucial BTC stays above this level to stay highly Bullish.
Here is how I was able to successfully predict this pump weeks beforehand and why this chart is so valuable; Very important and more in-depth information on the post below;
#1. We have some correction from here back down to the 45-46k mark I mentioned earlier in the analysis. If that level holds BTC will very likely spring to 55k. This is the pathway indicated on the chart.
#2. We don't see a correction here and it breaks through resistance now. This would lead to a retest of breakout and then continued bullish momentum.
I will post an updated BTC chart once these milestones I have laid out have been fully developed, thank you!