Bitcoin poised for big move
Just a look at the candlestick formations over the previous month one can see that this narrow range is unsustainable for an asset like bitcoin.
None of these are indicators on which direction bitcoin will break however. So lets take a look at various res/sup in both directions
Right now sat on the 61.8% slope of the long-term pitchfork. Range top @ 4.2k just in sight and will need to break for a move to upside. Upper slope & 32.8% retrace would be the level after the break, with the 200DMA abvove that @4.8k
To the downside we have both the 50 and 100 DMAs & 2 pivot levels: $3774 & $3658. A break below these would target the slope off dec & feb lows
Narrowing of this uptrend between the strong median line formation and the weak trend line, which would be a bearish indicator.
- ATR is nearing levels not seen since last november (just before the break and collapse)
- The daily & weekly volatility metrics are both nearing their lows
None of these are indicators on which direction bitcoin will break however. So lets take a look at various res/sup in both directions
Right now sat on the 61.8% slope of the long-term pitchfork. Range top @ 4.2k just in sight and will need to break for a move to upside. Upper slope & 32.8% retrace would be the level after the break, with the 200DMA abvove that @4.8k
To the downside we have both the 50 and 100 DMAs & 2 pivot levels: $3774 & $3658. A break below these would target the slope off dec & feb lows
Narrowing of this uptrend between the strong median line formation and the weak trend line, which would be a bearish indicator.
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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.
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.