Will be bitcoin bullish?
Check daily resistance on 49 800 USD. It's quite strong resist but buy volume is growing - this means there is still good oportunity for uptrend.
Based on market profile is between 50-53k low trading area, there will be quick move up.
Final target for bitcoin is around 56-57k and then should come some consolidation. If FOMO comes, then could bitcoin goes up more, for new ATH.
Supports - 47k, 44k, 40k
Check daily resistance on 49 800 USD. It's quite strong resist but buy volume is growing - this means there is still good oportunity for uptrend.
Based on market profile is between 50-53k low trading area, there will be quick move up.
Final target for bitcoin is around 56-57k and then should come some consolidation. If FOMO comes, then could bitcoin goes up more, for new ATH.
Supports - 47k, 44k, 40k
Note
Bitcoin is above daily resistance. This means, it can go still up. Reasons for uptrend - volume is growing, totalmarket is growing, currently price is not on strong resistance
Reasons for downtrend - 2 months without any big correction, volume is not big as year ago, everybody is now bullish.
Note
Bitcoin is very close to red circle. Wait for reaction. If you have long, then is good idea to fix your profit or part of your profit. Look at weekly chart. Compare bullrun last year and bullrun this 2 month. Volume is going down and price is growing...
Be careful, use sl and take profit is always good choice!
Trade active
Bitcoin is above fibo 0,618. This is very strong resistance area, so it could go more up. BUT! Fear and greed index was yesterday 79, this meas we are in FOMO. If bitcoin breaks trendline on rising wedge, it could do to 56k. Below is new support level - 49 000.
Trading is now very risky, bcs on market is FOMO and it is very hard to put sl and get good RRR.
Trade closed manually
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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.