Btc back over weekly close from January. What now?
Looks like we had a short squeeze which made us pop above the weekly close resistance zone at $38,150 from back in early January.
How high do you think we can go? Can we hop over the next zone at 42k or will the daily 200 ema act as resistance?
The next strong weekly resistance level is just above 45k.
I'll be looking to see if we turn 38k into support. We didn't retest the breakout of the downward channel we were in for so long. But that's to be expected from btc, once it starts moving it often doesn't give a good entry zone. I'm also expecting further downside, but if we create some kind of convincing higher low structure then I may go long again and for more than just a scalp play.
How high do you think we can go? Can we hop over the next zone at 42k or will the daily 200 ema act as resistance?
The next strong weekly resistance level is just above 45k.
I'll be looking to see if we turn 38k into support. We didn't retest the breakout of the downward channel we were in for so long. But that's to be expected from btc, once it starts moving it often doesn't give a good entry zone. I'm also expecting further downside, but if we create some kind of convincing higher low structure then I may go long again and for more than just a scalp play.
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