Drawing the trendline since Dec lows and combining it with fib retracements on the daily chart, we can see that BTC might be poised for a retrace before jumping back to new yearly highs.
Indeed, the impulse from mid-december pushed the price by $1k+ in the span of a week (from $3280 to $4380), just like the impulse of April did with some extent. It then retraced to fib 0.236 in the span of 7 weeks.
Is history going to repeat ? I tend to think so.
Although BTC has impressively managed to keep the $5k psychological price several times since the April 2nd jump, we're still laking the needed volume to break the 5.2k-5.3k resistance and push the price further. RSI needs to cool off too, so it seems that we're still poised for a retrace from the last impulse.
Interestingly, in 7 weeks from now we're gonna hit the current trendline around the 0.236 fib retracement level, just like last time. If the pullback materializes but the multi-month bullish trendline proves to hold tight, $4.5k looks like the perfect entry point for a long.
So if in the next days the daily candles follow the path I've drawn in red both for price and volume, watch for $4.2-4.7k.
On the contray, should Bitcoin manage to break the current resistance level at 5.2-5.3k in the next 10 days, we might be poised to see 5.6 / 5.9 / 6.2k very soon. But volume will have to prove to be solid.
As always, this is not a financial advice, just a fantasy! DYOR and trade safely.
Likes appreciated :)
Cheers everyone!
Indeed, the impulse from mid-december pushed the price by $1k+ in the span of a week (from $3280 to $4380), just like the impulse of April did with some extent. It then retraced to fib 0.236 in the span of 7 weeks.
Is history going to repeat ? I tend to think so.
Although BTC has impressively managed to keep the $5k psychological price several times since the April 2nd jump, we're still laking the needed volume to break the 5.2k-5.3k resistance and push the price further. RSI needs to cool off too, so it seems that we're still poised for a retrace from the last impulse.
Interestingly, in 7 weeks from now we're gonna hit the current trendline around the 0.236 fib retracement level, just like last time. If the pullback materializes but the multi-month bullish trendline proves to hold tight, $4.5k looks like the perfect entry point for a long.
So if in the next days the daily candles follow the path I've drawn in red both for price and volume, watch for $4.2-4.7k.
On the contray, should Bitcoin manage to break the current resistance level at 5.2-5.3k in the next 10 days, we might be poised to see 5.6 / 5.9 / 6.2k very soon. But volume will have to prove to be solid.
As always, this is not a financial advice, just a fantasy! DYOR and trade safely.
Likes appreciated :)
Cheers everyone!