BTC/USD Keep it Simple: Wait For Weekly Breakout
Updated
There's a strong hidden RSI divergence on the weekly BTC/USD chart. From this, I think it's really just a matter of time before we see a strong breakout.
We've seen two traps (circles) so far, as people got caught out trying to time the market too closely. Imo, better to wait for a weekly candle to close above the resistance line.
Until then, I'm expecting prices to chop inside the bullish pennant and continue shaking people out.
We've seen two traps (circles) so far, as people got caught out trying to time the market too closely. Imo, better to wait for a weekly candle to close above the resistance line.
Until then, I'm expecting prices to chop inside the bullish pennant and continue shaking people out.
Note
We have a confirmed breakout on the weekly above the trend line. I'm personally ignoring the daily chop and continuing to pay attention to the weekly closes. That's where the real market intent is.
CPI data came in above expectations, FOMC meeting next. M2 taps are back on, rate cut could be on the horizon soon.
Things seem to be lining up pretty good right now
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