BTC daily update
1D timeframe
Price made a nice push through the 51-52k resistance level.
The next key resistance level is 57.5-58.5k.
Right now, we are hovering between the two zones around 55k.
From here, a few things can happen:
-Price can break through resistance and target the 65k high
-Price can reject off the 57.5-58.5k resistance
-Price falls and retests the 51-52k level as support
-Price dumps through the 51-52k support.
Based on lower timeframes I think we are leaning towards price falling to the 51-52k support. If this happens we should be watching for the reaction in this area to determine if support holds or not.
4h
After price broke through resistance it put in a swing high. Price has swept this high on a few occasions and continues to close below the high, indicating momentum is losing strength and a reversal is possible.
Price made a nice push through the 51-52k resistance level.
The next key resistance level is 57.5-58.5k.
Right now, we are hovering between the two zones around 55k.
From here, a few things can happen:
-Price can break through resistance and target the 65k high
-Price can reject off the 57.5-58.5k resistance
-Price falls and retests the 51-52k level as support
-Price dumps through the 51-52k support.
Based on lower timeframes I think we are leaning towards price falling to the 51-52k support. If this happens we should be watching for the reaction in this area to determine if support holds or not.
4h
After price broke through resistance it put in a swing high. Price has swept this high on a few occasions and continues to close below the high, indicating momentum is losing strength and a reversal is possible.
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