Not financial advice, just my opinion and ideas. This is my view on the daily chart with some cold hard facts and a realistic outlook.
Things to take note of:
Parabolic uptrend for about 2 months. Nothing goes up forever but when does up end and at what price level? With the upward sloping trend lines, another leg up could send us flying to as high as 12k even.
The key resistance level displayed in the red box has seen so much price action in the last two market cycles.
It’s important to notice that the price was at the stage of a blow-off top when it reached above this key level in the last two cycles, so the fact that we have already met this \ level as we look to complete our next golden cross (assuming we do as it’s super close) is exciting from a macro-bullish standpoint. It would need a massive massive dump to the downside to avoid this cross from happening considering the current sharp & upwards slope of the 50MA.
RSI - although it’s flirting with overbought territories it’s still holding its bullish structure perfectly at this moment. BTC tends to stay in this territory for quite some time when it is trading above the 200MA. Often treating these MAs as a support when it retraces.
A lot of things point towards a macro-bullish cycle playing out for us, but at the same time we are very due for a retracement in the immediate short term.
BTC is moving. Its volatility is currently rewarding the traders. Emotions are clearly very high, a lot of hopium is in the market and a lot of mainstream news seem to be covering it as well leading into the halving event this May. Never a more exciting time to be trading this asset class.
Better believe it’s going to be a ride this year, but a bloody one at that.
Safe trading, cheers!
Things to take note of:
Parabolic uptrend for about 2 months. Nothing goes up forever but when does up end and at what price level? With the upward sloping trend lines, another leg up could send us flying to as high as 12k even.
The key resistance level displayed in the red box has seen so much price action in the last two market cycles.
It’s important to notice that the price was at the stage of a blow-off top when it reached above this key level in the last two cycles, so the fact that we have already met this \ level as we look to complete our next golden cross (assuming we do as it’s super close) is exciting from a macro-bullish standpoint. It would need a massive massive dump to the downside to avoid this cross from happening considering the current sharp & upwards slope of the 50MA.
RSI - although it’s flirting with overbought territories it’s still holding its bullish structure perfectly at this moment. BTC tends to stay in this territory for quite some time when it is trading above the 200MA. Often treating these MAs as a support when it retraces.
A lot of things point towards a macro-bullish cycle playing out for us, but at the same time we are very due for a retracement in the immediate short term.
BTC is moving. Its volatility is currently rewarding the traders. Emotions are clearly very high, a lot of hopium is in the market and a lot of mainstream news seem to be covering it as well leading into the halving event this May. Never a more exciting time to be trading this asset class.
Better believe it’s going to be a ride this year, but a bloody one at that.
Safe trading, cheers!