Bitcoin Weekly -- Where are We right now ? UPDATE
I have posted this chart before , so we could say this is an update on the situation.
And it is fairly easy to see just where we are.
Still in that"Eye" shape and Getting Squeezed - and running out of time.
https://www.tradingview.com/x/SWG0sagC/
The chart above shows us how PA is clinging on to that 272 Fib extension. It does NOT want to loose that. PA has around 2 weeks to get out of the ever closing apex.
The Top lines of resistance are the Fib Circles that rejected PA off the ATH in Nov 2021
They are TOUGH
Below that, we have support off the Arc that has acted as support in the same time period. But look over to the Left and notice how it also acted as strong resistance back in August / September 2021. We do not want to fall below that either.
The daily chart gives us a closer look
https://www.tradingview.com/x/WiLdUg3K/
See how we are now in an ever closing triangle ?
But we seem to have a lot of Support below. The 100SMA ( blue) and the 50 ( Red) are just below. We then have that long term Support Arc...
The Daily MACD is falling Bearish and not far off Zero line. Another week of falling and we will be Very close to Neutral.
It Has to said that the Weekly MACD is still High and so is the RSI, they can range but it "exhausts" PA.
I will be Amazed if PA drops below 65K USDT
But this is Bitcoin, Anything can happen but I do believe we have a long term line of support here that will hold.
Longer Term, for now, while we may go higher later this year, It is not till Next year that we can hope for more as far as I am concerned. That /Weekly MACD needs to cool off.
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