Time to be bullish on BTC?
For my previous analysis, I thought BTC will reverse before hitting 50k. But seems like it's hanging strong at 50k now. I think the 0.618 fib level, which is at 50k, is the important resistance level. Normally I think it will reverse from here. But I don't think so. Maybe it's the reverse psychology when logically it should reverse here, but the the price goes in different direction. That was just my wild speculation
The chart is in the ascending channel, which I have no doubt it will still do the move upwards unless it breaks off from the channel.
The RSI seems to be at 69 which I think still has room for it to go up. I don't think shorting it at the moment is a good idea. But I can be wrong. However,, I am strong on my stance that BTC price will go up, overcoming the 51k to reach 57k.
The chart is in the ascending channel, which I have no doubt it will still do the move upwards unless it breaks off from the channel.
The RSI seems to be at 69 which I think still has room for it to go up. I don't think shorting it at the moment is a good idea. But I can be wrong. However,, I am strong on my stance that BTC price will go up, overcoming the 51k to reach 57k.
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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.