Bitcoin daily - likely pull back
Bitcoin did break out from wedge pattern and it was on big volume what is bullish. However at the moment Bitcoin is at major resistance, or FTX collapse high. It is basing and it will need lot of volume to continue up trend.
Volume in that breakout was much bigger than 20 days average volume what is very bullish.
RSI is way to overbought and it is due to rebound what could bring bitcoin price down.
MACD histogram ticks already ticking lower and it is also overbought what could indicate bearish momentum in front of us.
Overall: Bitcoin is in bullish mode for sure. For continuation of that bullish move it MUST start to close day above red dotted line, very strong resistance from FTX collapse. Perfect idea would be for bitcoin to base for same few days on lower volume around these levels and than breakout on stronger volume. That would indicate move towards 25k.
However, from the other side, if bitcoin doesn't manage to stay around this level it would be bearish and revisit of 19500 as first support would be imminent.
Due to the fact breaking out was on bigger volume shorting at this stage is not an option!
Bitcoin did break out from wedge pattern and it was on big volume what is bullish. However at the moment Bitcoin is at major resistance, or FTX collapse high. It is basing and it will need lot of volume to continue up trend.
Volume in that breakout was much bigger than 20 days average volume what is very bullish.
RSI is way to overbought and it is due to rebound what could bring bitcoin price down.
MACD histogram ticks already ticking lower and it is also overbought what could indicate bearish momentum in front of us.
Overall: Bitcoin is in bullish mode for sure. For continuation of that bullish move it MUST start to close day above red dotted line, very strong resistance from FTX collapse. Perfect idea would be for bitcoin to base for same few days on lower volume around these levels and than breakout on stronger volume. That would indicate move towards 25k.
However, from the other side, if bitcoin doesn't manage to stay around this level it would be bearish and revisit of 19500 as first support would be imminent.
Due to the fact breaking out was on bigger volume shorting at this stage is not an option!
Consistency is the key of success....
