Bitcoin has reached above the next Fib circle. You can see how PA reacts to these by looking back
For me, I can see PA sliding down the 618 Circle we currently sit on until we reach that dashed line that shows the lower line of support of the rising channel.
We reach that around 17 May if we range sideways, slide along fib circle.
It could also be said that the 1.5 "local" Fib extension is what is offering Support here and the same date is used for when PA reached that dashed line of support.
Which ever option you choose, PA has support here and we should remain around this area unless the inflation figures released TODAY are not good
Why will PA range and not continue to Rise ?
RSI is up in overbought
https://www.tradingview.com/x/nuGm0gBJ/
This can range high and we need to watch and see if the RSI bounces of its own MA ( yellow line)
The Daily MACD is showing a desire to turn Bearish. for the 2nd time, it is curling over and not just pushing higher as previously.
https://www.tradingview.com/x/sN4hTByL/
This is NOT an over all Bearish signal to me but one that shows that PA is pushing hard against resistance. See how the histogram has reduced in size
The 4 hour MACD is still falling Bearish, recovering from the previous pushes.
In conclusion
The combination of a High RSI and Weakening MACD leads me to think that PA will Range across at best for a while, Till the 4 hour MACD reverses and climbs, Maybe with small Dips and Troughs.
If BTC Looses 100K, that is a big mental blow and I think the Bulls will try and avoid this.
However There is a possibility that we could drop back to the Low around 82K by the end of this month. I think this is a low possibility and I will post a report on this today but it is Good to look at all possibilities.
Long Term still Very BULLISH
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.
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.