Hi guys,
Great move by BTC yesterday. It successfully broke above the long-term downtrend and surpassed our next targeted price of $9,600, hopefully turning it into support.
The coin now trading stable at $9,845 as of the time of writing this midday in Europe.
So, the BTC/USD pair is now currently situated above all major EMAs, it broke the diagonal resistance and looks like one more step is needed to finally confirm the return of bull season here. And that is to climb the most recent peak reached in February-$10,360 (PHASE 5).
It is quite normal to see some profit-taking activities today in a healthy retrace, but I do not expect the price to go below $9,600. We will most probably be re-testing the mentioned high in the coming days. To me, it looks reasonable to be looking for long positions around $9,700 - $9,600 if a further decrease is seen and then above $10,000. It will be also interesting to look for new formations after yesterday's green candle.
The RSI index is in perfect sync with the recent movements and is seeing its highest values since last summer. 24-hour trading volumes are rapidly increasing since yesterday afternoon and are 40 percent higher today ($63 billion).
Cheers,
Great move by BTC yesterday. It successfully broke above the long-term downtrend and surpassed our next targeted price of $9,600, hopefully turning it into support.
The coin now trading stable at $9,845 as of the time of writing this midday in Europe.
So, the BTC/USD pair is now currently situated above all major EMAs, it broke the diagonal resistance and looks like one more step is needed to finally confirm the return of bull season here. And that is to climb the most recent peak reached in February-$10,360 (PHASE 5).
It is quite normal to see some profit-taking activities today in a healthy retrace, but I do not expect the price to go below $9,600. We will most probably be re-testing the mentioned high in the coming days. To me, it looks reasonable to be looking for long positions around $9,700 - $9,600 if a further decrease is seen and then above $10,000. It will be also interesting to look for new formations after yesterday's green candle.
The RSI index is in perfect sync with the recent movements and is seeing its highest values since last summer. 24-hour trading volumes are rapidly increasing since yesterday afternoon and are 40 percent higher today ($63 billion).
Cheers,
