Bitcoin has finally broken through the strong resistance area which has been pushing BTC down for over three weeks.
After hitting my previously determined entry zone, we've seen a great influx of volume. A break out with this amount of volume is very good news for bulls.
Take a look at my previous BTC analysis for reference:
Currently, there's a high chance that the 40k resistance will be broken soon. Volume is rising, sentiment is becoming more positive and traders are at their desks again.
Like mentioned in my previous analysis. The 42k resistance area is the main area to beat. If BTC manages to take it out in the near future, there's a high probability that we're going to see 50k again soon.
To break through the 42k resistance, BTC either needs a strong bullish catalyst or some massive buying from whales. This might take a while to occur. Therefore, I'm predicting that Bitcoin will trade inside the yellow consolidation zone for a while. This is great news for alts, by the way. Low volatility for BTC will lead to investors looking at other opportunities in the markets.
Overall, I'm quite bullish on the coming week. Hope that BTC dominance will fall again to give more room for alts to grow.
Happy trading!
After hitting my previously determined entry zone, we've seen a great influx of volume. A break out with this amount of volume is very good news for bulls.
Take a look at my previous BTC analysis for reference:
Currently, there's a high chance that the 40k resistance will be broken soon. Volume is rising, sentiment is becoming more positive and traders are at their desks again.
Like mentioned in my previous analysis. The 42k resistance area is the main area to beat. If BTC manages to take it out in the near future, there's a high probability that we're going to see 50k again soon.
To break through the 42k resistance, BTC either needs a strong bullish catalyst or some massive buying from whales. This might take a while to occur. Therefore, I'm predicting that Bitcoin will trade inside the yellow consolidation zone for a while. This is great news for alts, by the way. Low volatility for BTC will lead to investors looking at other opportunities in the markets.
Overall, I'm quite bullish on the coming week. Hope that BTC dominance will fall again to give more room for alts to grow.
Happy trading!
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