Sunday Updates - BTC broke 40k
Price action wise, we broke that solid 40k level and we've been ranging since then. This is the main reason why I think movement is going to define at the start of the next week.
I personally believe that a consolidation is coming first, maybe not to 33k as I've been calling, but 40k seems like a nice level to retest and continue the rally that we started at the 33k low. That's because we have some good confluence: the yearly VWAP (blue line) and a low volume node. If we reject that level, bullish strength would be enough to push price higher it a short period of time. If we don't, I think that 38.4k (the weekly PoC) is the lowest level we have to respect in order to keep this rally.
Lastly, if we don't retrace, I wouldn't expect a long continuation of this trend, and we might actually get a bigger pullback.
I personally believe that a consolidation is coming first, maybe not to 33k as I've been calling, but 40k seems like a nice level to retest and continue the rally that we started at the 33k low. That's because we have some good confluence: the yearly VWAP (blue line) and a low volume node. If we reject that level, bullish strength would be enough to push price higher it a short period of time. If we don't, I think that 38.4k (the weekly PoC) is the lowest level we have to respect in order to keep this rally.
Lastly, if we don't retrace, I wouldn't expect a long continuation of this trend, and we might actually get a bigger pullback.
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.