BTC just made a higher high on nearly every timeframe (30M, 1H, 2H, 4H, 6H) and has pierced an important level and closed a 4H candle above it - the $40,500 level.
This tells me we are heading higher after a brief pause and will slice through the resistance zone box where institutions & Market Makers previously had their "protected buy" areas set.
The fact a 4H candle was able to close above $40,500 says a whole lot. The Market Makes are wanting to take this much higher - likely to the first target of $44k where there will be heavy resistance from the ATH downtrend line.
From there we have to see how price reacts before we determine where BTC will go next but for now Market Makers are wanting to find liquidity and the path of least resistance to do that would be to slice through the $40-
42K area.
This tells me we are heading higher after a brief pause and will slice through the resistance zone box where institutions & Market Makers previously had their "protected buy" areas set.
The fact a 4H candle was able to close above $40,500 says a whole lot. The Market Makes are wanting to take this much higher - likely to the first target of $44k where there will be heavy resistance from the ATH downtrend line.
From there we have to see how price reacts before we determine where BTC will go next but for now Market Makers are wanting to find liquidity and the path of least resistance to do that would be to slice through the $40-
42K area.Note
There is a bearish hanging man candle on 1H timeframe - something to be aware, might get a short term downswing before going higher:
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.
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.