RIPPED through our 1st weekly Price Target, Next Supply/Demand?
I have really enjoyed covering this BTC move into All-Time-High supply/demand levels. It has been putting on an absolute clinic when it comes to using technical analysis to breakdown moves within a trend.
Key support: $53.75k - $55.1k
Current Demand Confirmation: $51.3k
Current Supply Confirmation: $55.9k
Next Resistance: $56.4k
Keep in mind, there is one weakness as of now and that is the passing over of the confirmation of demand between 47.5k and $49. Whenever sellers decide to start entering the market, this may be the highest area buyers get their feet back under them.
I forgot to mention this in the video but if you take a look at the volume; as the trend has worked it's way through the ascending levels of supply and demand, selling volume has decreased quite nicely compared to the prior trend. I see this as a clear sign the sentiment is there to break ATH with a mere bat of the eye. That green-volume candle (shown by arrow in volume bar) popping out of the trend for a break of that 78.6% FIB indicated continuing strength.
In saying this, the market usually finds a way to remind us - you should have your ears perked up when something seems too easy.
Key support: $53.75k - $55.1k
Current Demand Confirmation: $51.3k
Current Supply Confirmation: $55.9k
Next Resistance: $56.4k
Keep in mind, there is one weakness as of now and that is the passing over of the confirmation of demand between 47.5k and $49. Whenever sellers decide to start entering the market, this may be the highest area buyers get their feet back under them.
I forgot to mention this in the video but if you take a look at the volume; as the trend has worked it's way through the ascending levels of supply and demand, selling volume has decreased quite nicely compared to the prior trend. I see this as a clear sign the sentiment is there to break ATH with a mere bat of the eye. That green-volume candle (shown by arrow in volume bar) popping out of the trend for a break of that 78.6% FIB indicated continuing strength.
In saying this, the market usually finds a way to remind us - you should have your ears perked up when something seems too easy.
