Bitcoin Near-Term Breakout
Volume continues to be light relative to 2021 as BTC set ATH's in the spring & fall, risk of BULL TRAP is not off the table.
Bitcoin has recovered the 50 SMA on the daily and is pushing through the 20 SMA on the 3-day chart.
Looking for a strong close on the daily as
BTC found support on the 3D SMA.
Near-term, with some volume, expect to see a test of resistance at 46.2k, if flipping 46.2k into support, next resistance will be 50.8k.
Macro-environment and broader traditional markets appear to be shrugging off tightening monetary policy in the near term; however, a strong jobs report and upcoming FOMC meeting in March are risks to bullish continuation.
CPI report is due out end of this week, resulting in additional potential headwinds... watching this closely is prudent.
Bitcoin has recovered the 50 SMA on the daily and is pushing through the 20 SMA on the 3-day chart.
Looking for a strong close on the daily as
BTC found support on the 3D SMA.Near-term, with some volume, expect to see a test of resistance at 46.2k, if flipping 46.2k into support, next resistance will be 50.8k.
Macro-environment and broader traditional markets appear to be shrugging off tightening monetary policy in the near term; however, a strong jobs report and upcoming FOMC meeting in March are risks to bullish continuation.
CPI report is due out end of this week, resulting in additional potential headwinds... watching this closely is prudent.
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