As we look at the $42K price zone we see a lot of confluence in this zone. BTC is currently at a very important price juncture and how it reacts will dictate the direction the market takes in the coming weeks/months. Personally, I'm in the bullish camp and I believe BTC has the steam to continue the bull market, unlike many others believe. I believe this price zone is far more important than many realize and admittedly, failure at this price zone will not be a good sign for the bulls. We'll need to carefully monitor what direction the market takes this week and react accordingly.
Note
So far everything looks good, we stopped right at the daily 200 moving average. We either pull back for a retest, or we keep pushing higher to the 61.8% fib retrace.Note
Target reached, I want to see price hold the $40K support level and make another push up higher.
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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.