Channel surfing with strong bullish momentum
Strong bullish move in the last 24h, please read yesterday's analysis where I wrote about the building bullish momentum. 5800 was my first profit taking point (Fibonacci, channel resistance) and this has worked out well. Consolidation is now taking place around the 5700 level, which is not surprising. Will we break the channel and go higher? With enough volume yes we will. This is the key now, volume. This is also why I think it's good that price action is pausing here. These levels will act as support and momentum build up for the next move up.
On a side note I think the move we are making now was also due towards the end of April but it got Bitfinex'ed by the negative news. This is the problem with crypto, you never know. These black swan events can come out of nowhere and ruin everything.
On a side note I think the move we are making now was also due towards the end of April but it got Bitfinex'ed by the negative news. This is the problem with crypto, you never know. These black swan events can come out of nowhere and ruin everything.
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