Maybe the Bulls are starting to regain control over BTC
So, in my last analysis, I mentioned that there was a signifcant zone that BTC was gravitating toward where it "almost touched" a significant area (the Weekly 200 SMA). Damn...so close.
We can see that there is some significant upside momentum. But BTC is still trading sideways for now as the 24000 psych region remains a significant area of resistence. If price is able to only break through the 50 SMA but also break through the daily trend it has maintained since April 1st, then we are going to see significant movement to the upside.
There are several factors that can help. BTC is experienceing a heavy divergence on the DTF that could be a significant indication to many buyers.
The volume of BTC is low due to many reasons - recession being one of them. But also the, smart money is biding it time. And waiting for the right moment.
I'm going to remain neutral for the time being as a slap off these areas is a high likelyhood. A significant buy would be happening until there is a signifcant break of resistence areas.
We can see that there is some significant upside momentum. But BTC is still trading sideways for now as the 24000 psych region remains a significant area of resistence. If price is able to only break through the 50 SMA but also break through the daily trend it has maintained since April 1st, then we are going to see significant movement to the upside.
There are several factors that can help. BTC is experienceing a heavy divergence on the DTF that could be a significant indication to many buyers.
The volume of BTC is low due to many reasons - recession being one of them. But also the, smart money is biding it time. And waiting for the right moment.
I'm going to remain neutral for the time being as a slap off these areas is a high likelyhood. A significant buy would be happening until there is a signifcant break of resistence areas.
Comment:
Due to CPI announcement yesterday, the market has dropped significantly.