BTC Is About To Face The Boss Resistance Prior To Halving
Bitcoin halving is right around the corner and will occur approximately in 15 days on 12 May 2020. Last halvings resulted BTC going parabolic; however, it occurred during the overall bull market. Clearly, this halving event is different and the BTC price is the lowest its been prior to the halving. But is it a bad thing or BTC is actually perfectly on track? Let's see...
Where is BTC now?
- Clearly, the BTC is still in the uptrend ever since its capitulation on the March 12;
- BTC is up already 100% from its recent crash!
- BTC has broken down-sloping trend line (red line) and established itself way above it;
- 50 EMA (black line) is now acting, as a support;
- BTC has broken out from the ascending tingle (blue) with a target around 10k;
Why 7900-800 is the boss resistance?
- From this level BTC capitulation has started;
- At this level BTC will face 200 EMA (yellow line);
- 61.8% fib level is also at 7900;
- At approximately this level BTC will face an upper trend resistance coming up all the way from 2019 lows (purple dotted line);
Will it be broken prior to the halving?
The chances are very high, as we still have approximately 2 weeks before the halving. So far ADX, which measures a momentum of a trend, has been over-exhausted after BTC major bounce to 7k area a week after its crash. ADX was declining ever since March 26 but final has shown some singes of life; however, is still at a very low level below 25. Facing such a strong resistance will require a lot more momentum in order to brake it and we will need to see ADX at least in 25-30 area. The other thing is that most of the whales has already bought, so the volume was on the decline, as well.
Conclusion.
The price is still bellow 7900-8000 area, which represents the point where BTC was before The Black Thursday had occurred. BUT! BTC is already 100% up and if breaks and closes above 7900-8000 area before the halving, we may see a lot more upside going into the summer because in order to brake this level BTC has to show some real strength!
Where is BTC now?
- Clearly, the BTC is still in the uptrend ever since its capitulation on the March 12;
- BTC is up already 100% from its recent crash!
- BTC has broken down-sloping trend line (red line) and established itself way above it;
- 50 EMA (black line) is now acting, as a support;
- BTC has broken out from the ascending tingle (blue) with a target around 10k;
Why 7900-800 is the boss resistance?
- From this level BTC capitulation has started;
- At this level BTC will face 200 EMA (yellow line);
- 61.8% fib level is also at 7900;
- At approximately this level BTC will face an upper trend resistance coming up all the way from 2019 lows (purple dotted line);
Will it be broken prior to the halving?
The chances are very high, as we still have approximately 2 weeks before the halving. So far ADX, which measures a momentum of a trend, has been over-exhausted after BTC major bounce to 7k area a week after its crash. ADX was declining ever since March 26 but final has shown some singes of life; however, is still at a very low level below 25. Facing such a strong resistance will require a lot more momentum in order to brake it and we will need to see ADX at least in 25-30 area. The other thing is that most of the whales has already bought, so the volume was on the decline, as well.
Conclusion.
The price is still bellow 7900-8000 area, which represents the point where BTC was before The Black Thursday had occurred. BUT! BTC is already 100% up and if breaks and closes above 7900-8000 area before the halving, we may see a lot more upside going into the summer because in order to brake this level BTC has to show some real strength!