Bitcoin Weekly shows a story
Weekly #Bitcoin shows clearly the channel we are in, with a touch on upper trendline around the 30K mark if we maintain "local channel" (Dashed lines)
POC around 19K and is possible low if PA decides to drop to cool off overbought RSI &StochRSI ( & MACD on lower timeframes)
PA has crossed back over the 200EMA I Yellow) right on target and has just crossed back over the 100 (Blue)
As a result of this recent push up, PA has so far managed to neutralise the Death Cross that happened a while back and the 50 ( Red) and 200 are running side by side.
Obviously, if PA retraces, as it is expected to do, then this will be lost. However, If PA manages to range, The RSI and MACD's will cool off slowly and Price will be maintained.
The 25 point raise yesterday had little impact and that was not surprising, it rarely does but the impact on Bitcoin is from the fundamentals when companies Fail due to increased expenses.
The REAL hurdle for Bitcoin is that upper trendline which we can hit anytime from now to June, depending on PA trajectory.
If Rejected, the Drop needs to be minimal other wise the 2017 ATH line gets crossed again and that would destroy sentiment.
Interesting days ahead for Bitcoin
It really is MAKE OR BREAK
POC around 19K and is possible low if PA decides to drop to cool off overbought RSI &StochRSI ( & MACD on lower timeframes)
PA has crossed back over the 200EMA I Yellow) right on target and has just crossed back over the 100 (Blue)
As a result of this recent push up, PA has so far managed to neutralise the Death Cross that happened a while back and the 50 ( Red) and 200 are running side by side.
Obviously, if PA retraces, as it is expected to do, then this will be lost. However, If PA manages to range, The RSI and MACD's will cool off slowly and Price will be maintained.
The 25 point raise yesterday had little impact and that was not surprising, it rarely does but the impact on Bitcoin is from the fundamentals when companies Fail due to increased expenses.
The REAL hurdle for Bitcoin is that upper trendline which we can hit anytime from now to June, depending on PA trajectory.
If Rejected, the Drop needs to be minimal other wise the 2017 ATH line gets crossed again and that would destroy sentiment.
Interesting days ahead for Bitcoin
It really is MAKE OR BREAK
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.