Very simply, Bitcoin recently broke over the line of resistance ( dashed line) that has kept it down since the ATH at the beginning of the year.
As you can see, it has not yet returned to that line on a larger time scale chart, to retest it as support. It did do that on a 4 hour chart but maybe we are about to see that on a daily to, just to check how strong it is.
After all, things are very uncertain right now in many ways.
The Federal Reserve of the Usa has a speech day tomorrow and so this may act as a catalyst, one way or another.
Bitcoin Weekly MACD is in a position of strength now
https://www.tradingview.com/x/ed75QcS6/
And we have seen a positive reaction of PA already, if a little subdued while we wait for the Macro environment to calm down
The Histogram is looking Bullish though this can change quickly but over all, we are in a very good place right now.....
So, Worry not if PA drops some in the next 24 hours.
If we loose 78K, then get a little uncertain.
The next level of support below that is the 2.272 fib extension at 76900 - we do not want to loose that one for too long but I doubt we will get there, providing Macro stays steady
So, Chill out and let see what happens tomorrow with the FED speech.
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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.