As you can watch in my chart bitcoin is still trading below this strong rising resistance which is marked in red where bitcoin already bounced several times to the downside in past price-action, furthermore, bitcoin is forming this rising marked in blue which is currently holding the trend to the upside and together with the resistance forming somewhat of a triangular shape here where the blue support is from high importance to hold when considering a continuation to the upside which will happen when bitcoin crosses the resistance to the upside as you can watch it marked in my chart. This break above the resistance will cause the rising and some more potential when there do not come signals which invalidate this potential again.
Importance Of The Rising Resistance (4-Hour Timeframe):
Overall this environment is more than at the moment but it has to be noted that bitcoin is trading in overbought conditions currently which fact only can lead to a reversal, the has moved into the overbought region, therefore, it should not be ignored, when bitcoin manages to climb up above resistance and move on the potential for a smaller when not bigger pull-back increases but currently firstly the continuation is more possible. When bitcoin does show up with this continuation we need to watch and elevate how bitcoin is moving on so far and especially how it reacts to the highly overbought situation as we should always keep the reverse in mind and take note that everything that rises fast can also fall fast.
In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
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Information provided is only educational and should not be used to take action in the markets.
ETH is looking incredibly bullish as well! I suspect it will continue to outperform BTC to an order of magnitude in coming years.
LINK/BTC just took off today, too! I charted this ascending triangle breakout earlier today and it just hit target 4 for a 49.55% gain! Good times! <3