During last month final consolidation we have a many FUD:
* SEC revision
* Indian exchange stop
* Futures potential price drops
* Michael Novogratz says in sept that BTC will go to 40k, this week says that BTC will not reach 9k till the year, today says that $6850 important for real move LOL
And we have a facts:
* Almost 1 month of BTC low volatility and hold positive trend (this is bearish or bull for you? lol)
* If you watch VPVR - you can see that we now above huge support and under this level the all supports is less and closer big support at $4200 (no real for crypto capital index).
* 1W RSI shows classic squeeze formation and already moves in tight range with RSI 25 EMA
* On 12h chart you can see that price now trying to breakout resistance line of RSI triangle
* Last day closed above important volume border $6610
* Any sell offs last 2 weeks was absorbed very quick
What need now:
* Breakout volume range border $6700
* Next breakout $7500 (may be with little pullback and creation higher low around $7200)
* Next breakout $8300
After this levels the first resistance on $11700.
* SEC revision
* Indian exchange stop
* Futures potential price drops
* Michael Novogratz says in sept that BTC will go to 40k, this week says that BTC will not reach 9k till the year, today says that $6850 important for real move LOL
And we have a facts:
* Almost 1 month of BTC low volatility and hold positive trend (this is bearish or bull for you? lol)
* If you watch VPVR - you can see that we now above huge support and under this level the all supports is less and closer big support at $4200 (no real for crypto capital index).
* 1W RSI shows classic squeeze formation and already moves in tight range with RSI 25 EMA
* On 12h chart you can see that price now trying to breakout resistance line of RSI triangle
* Last day closed above important volume border $6610
* Any sell offs last 2 weeks was absorbed very quick
What need now:
* Breakout volume range border $6700
* Next breakout $7500 (may be with little pullback and creation higher low around $7200)
* Next breakout $8300
After this levels the first resistance on $11700.
Note
Bitcoin broke trendline formed last 30 days. And now test the border of big triangle.Close this day above $6250 is important condition for bullish sentiments.
This border also is bottom border of big volume of this correction. If price go to 6k levels - $5400 around will be tested.
Note
Bullish trend confirmed - this correction analysis closed.Note
Name of this event is SQUEEZE - this is what we talking about last month for BTC and other altsNote
Im waiting this first wave to 7500 around. And next when USA wakeup in 8-12 hours.
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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.