Bitcoin continues to grind higher, now pushing up against the key $99,517 resistance level – the final major hurdle before entering price discovery territory above the March high.
The chart is technically strong: price is comfortably above both the 50-day and 200-day moving averages, which have acted as dynamic support during the recent move up. The consolidation we saw under $95K acted as a healthy base, and today’s candle shows a clear attempt to break out of that range with strength.
Volume has picked up slightly, but not aggressively – so while the momentum is clearly bullish, we’d want to see stronger participation on a confirmed breakout above $100K to avoid a potential fakeout or exhaustion move.
The $100K psychological level looms large and could bring volatility if reached. The next major resistances are $106,099 and $109,358 – both of which were strong rejection zones earlier this year. Until then, the trend remains intact and higher lows continue to support the bullish case.
Note - crazy how easy this was… buy around $74,000 a retest of the previous all time high.
The chart is technically strong: price is comfortably above both the 50-day and 200-day moving averages, which have acted as dynamic support during the recent move up. The consolidation we saw under $95K acted as a healthy base, and today’s candle shows a clear attempt to break out of that range with strength.
Volume has picked up slightly, but not aggressively – so while the momentum is clearly bullish, we’d want to see stronger participation on a confirmed breakout above $100K to avoid a potential fakeout or exhaustion move.
The $100K psychological level looms large and could bring volatility if reached. The next major resistances are $106,099 and $109,358 – both of which were strong rejection zones earlier this year. Until then, the trend remains intact and higher lows continue to support the bullish case.
Note - crazy how easy this was… buy around $74,000 a retest of the previous all time high.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.