Bitcoin finally providing ample extended one-sided moves again
Yesterday's candle closed above an important daily resistance level. We are still holding above daily and weekly resistance. Currently in a rising wedge on the 4-hr. As quickly as we fell to the bottom of it, we just bounced twice as hard.
Yes, we are insanely overbought. I don't believe that matters right now. Many are looking to short this. Do so with the utmost caution. A break to the upside will create quick expansion and all remaining shorts will be squeezed out of existence. Once that happens, then and only then will it be time open a short.
Look for price to close above the next daily resistance line in orange. If that happens I believe we may break upwards above the absolute high of this entire range (represented by the light purple line) as well as above the .382 retracement of the entire fall from the high at 65k (represented by the light blue line).
In my opinion we are going to test the 200 daily ma at 44,600. After that we will get the correction that is due.
Yes, we are insanely overbought. I don't believe that matters right now. Many are looking to short this. Do so with the utmost caution. A break to the upside will create quick expansion and all remaining shorts will be squeezed out of existence. Once that happens, then and only then will it be time open a short.
Look for price to close above the next daily resistance line in orange. If that happens I believe we may break upwards above the absolute high of this entire range (represented by the light purple line) as well as above the .382 retracement of the entire fall from the high at 65k (represented by the light blue line).
In my opinion we are going to test the 200 daily ma at 44,600. After that we will get the correction that is due.
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