Thunder, Rainbow, sunshine, and Bitcoin
Updated
Bitcoin and the rest of the crypto market is entering into an exciting phase. Cryptoriate published on 24 Feb 2019 that Bitcoin has either found a bottom or very close to do so, and time proved that the analysis was right. Two order blocks were emphasized as a confirmation: 
4K-4.3K and 5.8K-6.1K and how a break above could declare the end of the current bear cycle. Bitcoin was trending around 3.5K on 24 Feb 2019, broke above and hit approximately 9K on 30 May 2019. It bottomed out in Dec 2018 at $3,158 and rose to a glorious figure of 9,096 USD, a rise of 185% in mere 5 months.
On the weekly TF, strong support levels are the confluence of 100 MA and 38.2 Fib around 6.8K and a confluence of 50MA and 61.8 Fib around 5.5K. The volume is in the favor of bulls. Any pullback is being aggressively bought without price dipping a lot. The green order blocks represent strong support levels.
There is an overhead resistance at 8.2K, followed by a psychological resistance block spanning 9K-10K. There is a confluence of resistance at 9K-10K which makes it harder to surpass at this stage.
A weekly close above 10K could push BTC to 11.5K. The other resistance levels are highlighted by red lines in the chart.
A more detailed analysis can be read at cryptoriate.com
4K-4.3K and 5.8K-6.1K and how a break above could declare the end of the current bear cycle. Bitcoin was trending around 3.5K on 24 Feb 2019, broke above and hit approximately 9K on 30 May 2019. It bottomed out in Dec 2018 at $3,158 and rose to a glorious figure of 9,096 USD, a rise of 185% in mere 5 months.On the weekly TF, strong support levels are the confluence of 100 MA and 38.2 Fib around 6.8K and a confluence of 50MA and 61.8 Fib around 5.5K. The volume is in the favor of bulls. Any pullback is being aggressively bought without price dipping a lot. The green order blocks represent strong support levels.
There is an overhead resistance at 8.2K, followed by a psychological resistance block spanning 9K-10K. There is a confluence of resistance at 9K-10K which makes it harder to surpass at this stage.
A weekly close above 10K could push BTC to 11.5K. The other resistance levels are highlighted by red lines in the chart.
A more detailed analysis can be read at cryptoriate.com
Comment
Hit the overhead resistance at $8200Comment
A weekly close above $8,750 could open the gates towards the next resistance $11,500Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.