Bitcoin meets resistance at 500 day Moving Average

Bitcoin had a great rally the last couple days.

bitcoin transactions spiked from 160,000 to over 260,000 which is great. Last couple times we had this same pattern, it would immediately drop. There were 2 other times. This is the 3rd. This is either starting a new AB wave, or we can have 1 more drop down. and then a corrective wave.

Bitcoin meets resistance. Multiple timeframe analysis:

1D - BTC hits the 100 day MA, and bounces off it, but finds support at the 50 day MA underneath.
4HR - BTC hits resistance at the 500 Day MA, which it is currently struggling to get over. This is a major level. If it breaks above, expect further support here.

The on chain metrics turned to a bullish divergence about a week or 2 ago, and we are starting to see the results on the charts too. I dont see any major pivots yet, so I expect the trend to continue, although any broken trendlines from here could be a game changer.

Bullish movement: The 50 day MA crosses up and over the 200 MA on the 4HR chart

Comment:

Alright, so now we see that the MA50 has crossed up and over the 200, AND the MA500. Price has also hit above the MA500, which is huge. We still have 46k to break on the 1D chart, so don't start partying yet. The good news, however, is all these broken levels are now support levels. We should have some protection going forward.
My analysis, unlike most peoples, is not going up right away. Were going sideways for a while. 64k may not get broken until September or even October.