25K has been the hard top in Bitcoin recently, with a nice floor being put in at $20k. $20k price support stems from the high set during the crypto bubble in 2017/18 and has historical value.
25K price resistance is coming in the form of the 200-wk average, an average that Bitcoin has never closed below let alone trended below before in the chartable price history going back to 2011. Price being below the 200wk average is also historically significant. The lower indicators are trying to turn bullish:
-The PPO is close to a bullish cross above the 0 level, just waiting on the purple base line to join the green signal line above 0.
-The TDI is showing the green RSI line in a tight range between the 50-60 level, just keeps bouncing off each one these past few weeks. A move above 60 would be bullish and what we want to see as more
bullish price confirmation.
$20k is the support level to watch in price, a failure to hold there would likely mean a re-test of $15.5k.
25K is the resistance level to watch in price, a successful breach above there would likely mean a test of $30k next. No trading for me, just stacking Bitcoin weekly since September when price first fell back down to $20k. I will continue to buy weekly as long as I can keep my cost average below $30k.
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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.