SIGPokerKing

Horiz S/R 58354 again being tested

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I have had a series of ideas regarding this key level and another one at 58167, and we're back here once again. Since 58354 became the first ATH in this cycle on Feb 21, it has been wicked to or closed at from both sides on 16 different 8H candles. This is clearly an important S/R level , and the current candle (closing in 6 hrs at 0400 EST) has already been rejected at this level (yellow line).

If we close this candle above this key level, it's likely we move up into more resistance, but this would be an important step in getting back to the ATH .

Important trend line resistance sits at 57589 (dotted white line), and BTC sits above both the 50 SMA (green line) and 50 EMA (blue line) on 8H.

Comments

so where do u see this heading .. up or down ?
Reply
SIGPokerKing okokok19000
@okokok19000, The emotional part of me wants BTC to break through all this resistance, but realistically there are clearly lots of sellers sitting between 58k-60k. However, the macro is that coins are being pulled off exchanges at a fast pace by whales and miners, who must believe the price is headed up or they'd leave them on exchanges to trade. Thus supply is quickly dwindling, which objectively makes me bullish in the macro sense.

But as you can see, we tested 58354 today again and failed again, and we're having trouble closing above this area, so I'm torn.
Reply