Comparing the past 2 bitcoin pumps which were the "Q4 2023 pump" and also the beginning of this year's "ETF hype pump" on the daily timeframe, the rsi trended in overbought for about 1 month each time which led to explosive price action. We are here... I wouldn't want to miss this. FOMO BROMO! 🖨
Bitcoin is approaching first key level of pullback at 37,9k which represents middle bias of bollinger band. I expect a bounce from this area. If rejected anywhere below 46k again, lower key levels will be tested. The area between the 50/200 emas which also has the golden ratio fib level on weekly tf pullback area.
By using technical analysis alone on monthly time frame, this lower high and lower low would need to be invalidated for btc not to spiral down this parallel channel into nothingness. Double bottom support with a wick to 12k for launch of btc into new ath?
Waiting for pullback is key on any time frame. Bollinger bands have always kept me from buying tops. I've added the 20, 50, and 200 ema which are also at key levels as well as the 0.618 golden ratio. When trading, my optimum pull back are is between the 20 and 50 emas. Never getting wrecked by fomo is my favorite strategy. 🤠
I've been waiting for a pull back since the last pump up to resistance. Using stochastic RSI to look for pullback as well as support lines.
Circled current price action to the previous push to 24k.
I am expecting support between 25k and 24k before bouncing and next resistances at 31.2k and 34k.
Rsi is under a huge bearish divergence so I do expect the next...
