BTC is in consolidation. Yesterday it sprung up again and fell back, the third time touching the intraday resistance. Bulls are trying to wither the resistance, which is quite heavy.
All the small resistances against recovery are diverted upwards from $21738.27 to $21775, and from $21951.46 to $22056.76.
$22056.76 is the maximum diversion, and breaking it up will open a large room for recovery otherwise the price is kept under it.
Weak consolidation: the process of recovery requires bulls to conquer every resistance above. Usually, it would jump up against a resistance and hit back consolidating or just chopping around an area. It’ll keep coming back and forth in between.
$21203.07-$21131.09 is a short-term key support during this recovery. Holding above it will accelerate the recovery, otherwise it will come down and consolidate.
Sign of a good recovery: taking hold of $23231.84 and remaining above it for 24 hours;
Sign of recovery failure: breaking down $20709.21 without pulling back in 12 hours, it’ll go deeper to test a lowest point at $18872.04.
#macro The market expected interest rate hike: 50bp(39.5%),75bp(60.5%)
All the small resistances against recovery are diverted upwards from $21738.27 to $21775, and from $21951.46 to $22056.76.
$22056.76 is the maximum diversion, and breaking it up will open a large room for recovery otherwise the price is kept under it.
Weak consolidation: the process of recovery requires bulls to conquer every resistance above. Usually, it would jump up against a resistance and hit back consolidating or just chopping around an area. It’ll keep coming back and forth in between.
$21203.07-$21131.09 is a short-term key support during this recovery. Holding above it will accelerate the recovery, otherwise it will come down and consolidate.
Sign of a good recovery: taking hold of $23231.84 and remaining above it for 24 hours;
Sign of recovery failure: breaking down $20709.21 without pulling back in 12 hours, it’ll go deeper to test a lowest point at $18872.04.
#macro The market expected interest rate hike: 50bp(39.5%),75bp(60.5%)