Likely bullish move to test 60-62k as potential resistance
Updated
We have met a very strong trend line going back to December 2022 (red dotted trend line), and the bearish impulse is likely to retrace to retest 60-62k over the next week, maybe two. This could match up nicely with a test of my moving average range on the 4h.
If it continues much higher and then creates a higher low thereafter, we can expect a continuation of our bull run. Given we are in a bull run, this is quite likely. This would be further confirmed by price action finding support on the moving averages once again.
However, if we get strongly rejected and move into a bearish impulse back down to current prices or lower, we can expect some nice consolidation before continuing the bull run.
We can also pay some attention how we interact with this 3-point bearish trendline we've created, visualized here on the daily chart with a green downward trend line.
If it continues much higher and then creates a higher low thereafter, we can expect a continuation of our bull run. Given we are in a bull run, this is quite likely. This would be further confirmed by price action finding support on the moving averages once again.
However, if we get strongly rejected and move into a bearish impulse back down to current prices or lower, we can expect some nice consolidation before continuing the bull run.
We can also pay some attention how we interact with this 3-point bearish trendline we've created, visualized here on the daily chart with a green downward trend line.
Note
testing local resistance as we approach 60k. breaking above it to test 62k is still quite likely, but watch for a strong rejection just in case.
Trade closed manually
target hit!
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.