Good morning Traders,
I am looking at the 240 Chart of Bitcoin today, cause it makes sense: Tomorrow is Sunday and it´s not rare that moves happen then, starting off today evening or night-time.
As you can see clearly we are, also if you remember from the higher intervals where we are, that there is a lot of resistance ahead, that Bitcoin needs to break through, to break free.
As current supports on the 240 we have the Weekly AND the Monthly Pivot, which both formed the lower horizontal area for this consolidation. This marks our lower key-level. ($ 9 k)
As resistances, we have the former consolidation support from the Daily interval followed by the Daily close-close Trend line. After that everything seems minor, except the $ 10 k which is
obviously the psychological barrier to overcome. I don´t think it makes sense to define targets coming from a pattern here... it will have to be taken in stages.
Bitcoin has a tendency to break up especially when there is extra special resistance and nearly no support.
I am very curios how this is going to play out and if there is going to be a fake-out or not (in whatever direction).
Right now the price is a bit stuck between the red key-levels and although we had a little TB (TrendBuy-Signal) here it did not manage to break for now.
The 3 SMA´s are spreading and we managed to stay above the 50, this is good for now and 4H trend remains bullish.
____________________________________________________________________________
t.me/nerugroup
Warm regards,
Neru
I am looking at the 240 Chart of Bitcoin today, cause it makes sense: Tomorrow is Sunday and it´s not rare that moves happen then, starting off today evening or night-time.
As you can see clearly we are, also if you remember from the higher intervals where we are, that there is a lot of resistance ahead, that Bitcoin needs to break through, to break free.
As current supports on the 240 we have the Weekly AND the Monthly Pivot, which both formed the lower horizontal area for this consolidation. This marks our lower key-level. ($ 9 k)
As resistances, we have the former consolidation support from the Daily interval followed by the Daily close-close Trend line. After that everything seems minor, except the $ 10 k which is
obviously the psychological barrier to overcome. I don´t think it makes sense to define targets coming from a pattern here... it will have to be taken in stages.
Bitcoin has a tendency to break up especially when there is extra special resistance and nearly no support.
I am very curios how this is going to play out and if there is going to be a fake-out or not (in whatever direction).
Right now the price is a bit stuck between the red key-levels and although we had a little TB (TrendBuy-Signal) here it did not manage to break for now.
The 3 SMA´s are spreading and we managed to stay above the 50, this is good for now and 4H trend remains bullish.
____________________________________________________________________________
t.me/nerugroup
Warm regards,
Neru
