Long

BTC/USD : Aiming for 70K

Hello everyone 😃

BTC is still moving into a rising wedge.
It's been rejected to climb for new ATH because of yesterday's fundamental !
Now it's trying to reclaim last upward movement..
Indicators such as Bollinger Bands and Stochastic RSI has reached buy limit zone, But they didn't showed any bearish cross based on their combination.
📌 It seems that BTC is Aiming for another ATH in high timeframes.

But in lower timeframes :

There are two located trendlines which had a cross on current level and it will leads BTC to lower support zone at 61K level..
Also that MA 100 will makes it more harder for to break both of them at current level.
How ever it's good for BTC !
Funding is slightly high and it will increases by passing 64K level.
Now it can be good short-term correction for BTC to make funding lower..

After our little correction we might see the growth as BTC tries to pullback from 61K support zone !
Have to mention that these possible movement will all be happened above wedge's lower line..
So there won't be any worries in higher timeframes !

Now the only trouble will be moving averages resistance on low TFs, If BTC break MA 100 in 1H TF;
It means that it passed MA 50 on 2H TF.
So there won't be any resistance till 64.5K level...
On that level we might see another minor rejection cause of Overheated indicators on low TF and funding rate !!

At the end, The only thing that we should take look into it is Greedy level at ATH..
We might see more sell pressure at 65K level as BTC's approaching it.
🔴 There will be more rejections to come at those levels..

📍 Have to mention that candles are extremely bullish ( specially on daily timeframe )
You can easily diagnose the categories of candles on the chart !
There are only two model of them ( Mostly formed ).
- Bullish candles ( Most of them have a shadow at sell zone and full body at buy zone )
- Similar to DOJI candles

So it means that market makers and people are trying to take advantage with any minor dip on current situation !!

Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
Helical_Trades

Helical_Trades

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