Recently I made an analysis on Bitcoin where I stated that the bulls needed to prove something quickly before BTC would fall all the way back to the capitulation lows around $26k.
Since making that post, the bulls came out in force and forced the price above the prior indicated horizontal consolidation area. Naturally, this is very bullish.
As it looks now, I think we're due a minor bearish correction where we'll reach inside the top support area before taking off again. The 4H RSI is severely overbought still, so I think it's only healthy to see some bearish price action.
First major area of resistance is going to be around $32.5k, see blue line.
Since making that post, the bulls came out in force and forced the price above the prior indicated horizontal consolidation area. Naturally, this is very bullish.
As it looks now, I think we're due a minor bearish correction where we'll reach inside the top support area before taking off again. The 4H RSI is severely overbought still, so I think it's only healthy to see some bearish price action.
First major area of resistance is going to be around $32.5k, see blue line.
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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.