BITCOIN: Stuck before Pullback?
BTCUSDT is currently just below the weekly resistance.
A pullback is still quite probable but,
we are also quite bullish with a pretty strong uptrend, as shown by the nearly vertical pump from the last time we pushed above the 180 EMA.
The strength of this uptrend can be seen in the amount of space between the candlesticks and the 180 EMA, weaker trends usually bounce quite closely to the EMA as they move.
For example, the previous downtrend was quite closer to the 180 EMA.
On the other side, we are at resistance, with a bearish divergence on the volume, we can see that while the difference in volume is quite small, we should be having more volume as the price pushes higher.
Based on all this, I'm leaning towards a possible pullback towards the 4HR support, maybe even a false breakout with some wicks above 42K before it traps longs and pushes price lower.
Please be cautious.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS VITAL TO TRADING.
A pullback is still quite probable but,
we are also quite bullish with a pretty strong uptrend, as shown by the nearly vertical pump from the last time we pushed above the 180 EMA.
The strength of this uptrend can be seen in the amount of space between the candlesticks and the 180 EMA, weaker trends usually bounce quite closely to the EMA as they move.
For example, the previous downtrend was quite closer to the 180 EMA.
On the other side, we are at resistance, with a bearish divergence on the volume, we can see that while the difference in volume is quite small, we should be having more volume as the price pushes higher.
Based on all this, I'm leaning towards a possible pullback towards the 4HR support, maybe even a false breakout with some wicks above 42K before it traps longs and pushes price lower.
Please be cautious.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS VITAL TO TRADING.
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