BTC set a new ATH over the weekend at $61k and now we corrected from the resistance at fib 61.8% as indicated on the chart.
We quickly found support just above $54k as bulls front run to buy this discount price before BTC is posed to explore higher levels.
What I see as possible plays is BTC going to $58k and getting rejected again to re-test our support just above $54k which presents a great entry for a long if given the chance.
Once $58k breaks, we're good to go higher and beyond our current ATH with $66k or just under $70k being the next significant resistances to watch for.
If for any reason the support at 54k falls then we should find some relief at 50k, however, such a break of market structure may lead to a longer consolidation around 50k before any new push up. So my bias remains very bullish so long the support level at $54k holds.
On lower time frames the indicators have turned bullish today, however on daily and above, we do paint a bearish chart with a bearish RSI and MACD histogram. This bearish case will not be confirmed unless we break below $54k. I find that unlikely.
For now we should range between $54k-$58k until we breakout.
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We quickly found support just above $54k as bulls front run to buy this discount price before BTC is posed to explore higher levels.
What I see as possible plays is BTC going to $58k and getting rejected again to re-test our support just above $54k which presents a great entry for a long if given the chance.
Once $58k breaks, we're good to go higher and beyond our current ATH with $66k or just under $70k being the next significant resistances to watch for.
If for any reason the support at 54k falls then we should find some relief at 50k, however, such a break of market structure may lead to a longer consolidation around 50k before any new push up. So my bias remains very bullish so long the support level at $54k holds.
On lower time frames the indicators have turned bullish today, however on daily and above, we do paint a bearish chart with a bearish RSI and MACD histogram. This bearish case will not be confirmed unless we break below $54k. I find that unlikely.
For now we should range between $54k-$58k until we breakout.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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