Bitcoin Upcoming Levels of Resistance
This is a followup to my Bullish trades on Bitcoin since 2023 (see links below). I highly suggest you check them out to see how to find opportunity before it late into the move.
So now it is time to start marking off Resistance Levels as this bullish move matures. The reasons:
There are three major levels where I will look for this rally to stall and possibly reverse.
Using Ichimoku theory:
This is still a bear market pullback because price is well below the Ichimoku cloud signifying a bear trend. Price does not become bullish until it has cleared the entire Weekly cloud. What this move has done though is get Bitcoin into the Weekly cloud which is the first step from going to full on Bearish, as it has been since May 2022, to bullish which would not happen until time and the highest Resistance (42k) has been passed.
So now it is time to start marking off Resistance Levels as this bullish move matures. The reasons:
- This is still a crypto winter and this is a bear market rally.
- Crypto trading platforms are starting to send unsolicited push notifications to remind people that Bitcoin is going up!
- Crypto social medias are busy intensifying Ron Paul "It's Happening" memes regarding the failure of 2 banks = collapse of US Dollar.
There are three major levels where I will look for this rally to stall and possibly reverse.
- 32k : This is the closest and most probable level. It is respect of the lows of summer 2021 and importantly the 50% Retracement Resistance of the March 2022 high to the current Low of this Bear market.
- 36.5k : This is the inflection point where Bitcoin tried to hold the bullish trend in January 2022 and the 50% Retracement of the entire March 2020 - All Time High move.
- 42k : This is the 50% Retracement Resistance of the whole bear market move.
Using Ichimoku theory:
This is still a bear market pullback because price is well below the Ichimoku cloud signifying a bear trend. Price does not become bullish until it has cleared the entire Weekly cloud. What this move has done though is get Bitcoin into the Weekly cloud which is the first step from going to full on Bearish, as it has been since May 2022, to bullish which would not happen until time and the highest Resistance (42k) has been passed.
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Related publications
Disclaimer
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.