BTC Daily
Price is currently ranging / fighting a long standing(historic) trendline -- indicated by the yellow dotted line
It was a strong S/R level in the '19 run and also since Dec'20 - so ranging because of such a resistance is possible, but:
Confluence:
RSI
We see RSI breach into overbought territory(whiteox) when the trend attempts to take the previous ATH in Nov'20 before ranging/dipping; and then goes into overbought(orange) again before breaching the ATH of 2017.
We see RSI breach into overbought again in Jul'21 as it attempts to break the downtrend in august before ranging/dipping; and then has again gone into overbought.
MACD
We see MACD cross above zero(whitebox) in Oct'20 and then peak for a while before dipping and giving way to a surge(orangebox) in the ensuing bull run.
MACD crossed above zero again in July'21 making a peak before dipping below zero in Sept'21. The recent uptrend of MACD has gone beyond its recent / previous ATH.
A possible claim of ATH seems possible if the RSI continues to stay in overbought and the MACD surges above. If there is a correction, $51-$53k is the local S/R level to watch for support.
Price is currently ranging / fighting a long standing(historic) trendline -- indicated by the yellow dotted line
It was a strong S/R level in the '19 run and also since Dec'20 - so ranging because of such a resistance is possible, but:
Confluence:
RSI
We see RSI breach into overbought territory(whiteox) when the trend attempts to take the previous ATH in Nov'20 before ranging/dipping; and then goes into overbought(orange) again before breaching the ATH of 2017.
We see RSI breach into overbought again in Jul'21 as it attempts to break the downtrend in august before ranging/dipping; and then has again gone into overbought.
MACD
We see MACD cross above zero(whitebox) in Oct'20 and then peak for a while before dipping and giving way to a surge(orangebox) in the ensuing bull run.
MACD crossed above zero again in July'21 making a peak before dipping below zero in Sept'21. The recent uptrend of MACD has gone beyond its recent / previous ATH.
A possible claim of ATH seems possible if the RSI continues to stay in overbought and the MACD surges above. If there is a correction, $51-$53k is the local S/R level to watch for support.
