In recent pass there were turns at strong monthly resistance levels June 2019 - $13800 Level & Feb 202 - $10500 Level
Mid March expected support was at $7777 level. However covid19 crash brought in new yearly low, while weekly support level of $5340 was respected.
For last 6 weeks we see up trending weekly candles with selling pressure being high on 4 weeks, while last week and this showing some increased buying pressure, Disturbing part is reducing volume week by week, which signals bearish movement.
RSI is also showing divergence formation , however HTF are not my favorite for divergence.
Currently price is trying to break through a key monthly resistance which is key Fibonacci level for recent retracement. Last time it took 6 weeks to break through this level (Nov/Dec 2019)
If current week closes above, resistance level with a good volume I'll be bullish, otherwise bearish.
Mid March expected support was at $7777 level. However covid19 crash brought in new yearly low, while weekly support level of $5340 was respected.
For last 6 weeks we see up trending weekly candles with selling pressure being high on 4 weeks, while last week and this showing some increased buying pressure, Disturbing part is reducing volume week by week, which signals bearish movement.
RSI is also showing divergence formation , however HTF are not my favorite for divergence.
Currently price is trying to break through a key monthly resistance which is key Fibonacci level for recent retracement. Last time it took 6 weeks to break through this level (Nov/Dec 2019)
If current week closes above, resistance level with a good volume I'll be bullish, otherwise bearish.