BTC/USD Setting up nicely for a sustained move higher
BTC is making all the right noises, having once again tagged the Psychological 10k marker.
Since the 'Sell Everything' massacre Mid-March we have attempted (and failed) to clear out resistance between 10,000 and 10,450. What is encouraging to me is that after each failure the market retracements are becoming shallower.
Attempt 1) 07/5 traded10,100
retracement 20% to 8,032 (within touching distance of 100/200 Day moving averages)
Attempt 2) 14/5 traded 10,050
retracement 14.5% to 8,600
Attempt 3) 01/6 traded 10,300
retracement 12.4% to 9,125
After each pull back, the uptrend has been respected and the market now looks set to re-test the resistance at 10,450. If the market can sustain a close through this price, the natural target would be the high of of 12,300 set in August 2019.
Since the 'Sell Everything' massacre Mid-March we have attempted (and failed) to clear out resistance between 10,000 and 10,450. What is encouraging to me is that after each failure the market retracements are becoming shallower.
Attempt 1) 07/5 traded10,100
retracement 20% to 8,032 (within touching distance of 100/200 Day moving averages)
Attempt 2) 14/5 traded 10,050
retracement 14.5% to 8,600
Attempt 3) 01/6 traded 10,300
retracement 12.4% to 9,125
After each pull back, the uptrend has been respected and the market now looks set to re-test the resistance at 10,450. If the market can sustain a close through this price, the natural target would be the high of of 12,300 set in August 2019.
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