Brief BITCOIN Weekly synopsis - BULLISH sign everywhere
BLUE DASHED LINE = Current ATH
Bitcoin did Drop below the lower trendline of the ascending channel it has been in since Jan 2023 but it made a sustained recovery since that moment and continues to climb as sentiment returns.
One of the main resons for this, as I have repeatably mentioned, is the Weekly MACD.
This bounced a little Earlier than expected, possibly due to falling out of the channel and the Bulls stepping in to pull it back.
But as you can see, We have yet to cross over the Signal line and so, Yes, the possibility of this being a bull Trap does exist but I am not inclined to believe this.
We have had 4 weeks of recovering Histogram, showing Strength behind the move.
The RSI is also Bullish having just crossed above its own MA ( Moving Average )
This turned Bullish while still around 44, so NOT oversold by any means but still with plenty of Room to climb higher. Again, Signs of a sustained Rise are in play
There are some Stiff lines of resistance above and we will start encountering them from 98K usd ( very soon ) and will remain till around 112K usd
These are IMMINENT
For me, we may not make it first time out but one VERY Bullish thing is that we did bounce of the 50 SMA once again
50 SMA RED - 100 Blur - 200 Yellow
On the chart shown here, that rising trendline is around 112K
The Green area to the right is a projected ATH zon. PA should rise above this to reach cycle ATH
Should PA get rejected off the overhead resistance and fall back lower, the 60 SMA sits around 85K
I would be amazed if that happens BUT anything is possible and we wait to see how Strong MAY is going to be.
Over all, the next 7 Months WILL be memorable.
