So bitcoin is ranging between the red resistance box, and the yellow up trending support.
What's next?
Well quite simply, we either need a break above the $59,000 to continue our upwards momentum, or... we see a retrace down to $50,100
If we retrace we will need to hold that level to be able to remain in the bull trend. If that breaks, the drop could be catastrophic.
Lets try to stay positive.
The market looks healthy, and this kind of range bound price action is very normal for bitcoin, it is creating a foundation of strength to hold us up under the pressure of the bears.
There are a few factors that are also adding some fuel into our bounce
1. the VPVR point of control seems to be around the $56,000 level, if we can get above this level and remain above, this is bullish
2. the 21 weekly moving average is increasing with rapid succession, if we stay above this, we remain bullish.
3. The yellow up trending support line is a very strong zone of support.
If all 3 of these hold, then we are still in an uptrend with bullish momentum.
When in doubt, ZOOM OUT!
What's next?
Well quite simply, we either need a break above the $59,000 to continue our upwards momentum, or... we see a retrace down to $50,100
If we retrace we will need to hold that level to be able to remain in the bull trend. If that breaks, the drop could be catastrophic.
Lets try to stay positive.
The market looks healthy, and this kind of range bound price action is very normal for bitcoin, it is creating a foundation of strength to hold us up under the pressure of the bears.
There are a few factors that are also adding some fuel into our bounce
1. the VPVR point of control seems to be around the $56,000 level, if we can get above this level and remain above, this is bullish
2. the 21 weekly moving average is increasing with rapid succession, if we stay above this, we remain bullish.
3. The yellow up trending support line is a very strong zone of support.
If all 3 of these hold, then we are still in an uptrend with bullish momentum.
When in doubt, ZOOM OUT!