BTC approaching local resistance again
Quick update: Bitcoin is making moves up again and it has approached the purple resistance line. Let’s see if it is able to break through here. Price needs to get above 7k and hold on the 4 hour. If that happens, the next target is the blue resistance line above. If it fails, then the green support below becomes the next target. As you can see this descending triangle is getting tighter and tighter as we move along. A breakout in either direction should help give us some idea of where we are headed over the next week.
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Bitcoin is just playing around at this purple trend line now. The 4 hour candle has not completed yet even though it opened above the resistance line, still have just under 3 hours left for a close. It will update this idea again later and hopefully we get a breakout big enough in either direction to put an end to this boring sideways action and give us some idea where the price will be headed
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WOW! Bitcoin just flew past both the purple resistance line and the blue resistance line big time. It's now currently retracing to the blue line but I would be very surprised if this doesn't continue moving up later today. We might see a slight retrace after such an insane pump, but I doubt we fall under the purple line. Next target is to break through the upper red resistance line, which is our final resistance line for the bear channel formed since the ATH 19.7k down. Once this line is broken, the bear trend is officially over. Let's be careful of any fake outs once we get to that point, a reversal at the trend line is also possible but I am staying long with stop loss
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Okay so far it appears the price is holding steady above the blue resistance line. Eyes on the prize for the next target, another $1000 increase if we reach the red trend line. At that point, Bitcoin is going to see some heavy resistance so make sure your stop losses are set.
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