As you will note from my previous post two days ago, we are approaching the 50% retracement level from the May 2021 crash. Though this 50% level isn't technically a TA level, it is a very well known and respected retracement citing DOWS THEORY. If we are able to break this light resistance level at around $3124 then it would seem we are due for a major local jump on the road to the .618 retracement level around $3428.
"Looking left" on the chart you can see that historically it took a few attempts to break through this $3124 level, and was range bound for nearly two weeks prior to definitively legging up to the next range.
It should be of note that the RSI is beginning to look oversold, so as we may test levels above $3124, it wouldn't be shocking for there to be a correction down towards the $2850-3000 level before running back up. If it does this would be a great entry point while the RSI is reset and positive momentum build on the MACD.
@GetMon3yGetPaid, hello, thank you for the comment! As mentioned above, I do believe we are getting into oversold territory on the RSI, so a local correction down to the $2800 level wouldn't be out of the question, but as we have been consecutively making lower highs/higher lows - the trend appears to still be quite bullish. As long as Bitcoin can hold 40k then I am very confident in this analysis.
GetMon3yGetPaid
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@CLTullmann, RIP. 1700s then 1200s. Then potentially up after bounce off 200 MA on Weekly.