Bitcoin finally break above its previous high of 61781..!
Since March 2020, Bitcoin has had 6 tops followed by a correction. Whenever Bitcoin tried to breaking above each of these previous tops, we see a significant daily candle! As you can see, 11.08%,7.39%, 9.93%, 19.45%, 6.8%, and today candle at its higHest level 5.3% change in just one day. In comparison to the past 5 moves it is the weakest and yet we should wait for the the closure ..!
The indicator below the Bitcoin chart is ATR which is more suitable for commodities but since it has statistical value to show the volatility, we can use it for any asset class in my opinion. As it is obvious, Bitcoin volatility decreased significantly since last week of February 2021, and bitcoin’s last 3 resistance levels formed closer to each other in comparison to the others!
Please wait for the daily candle closure, and update your stop loss for Bitcoin to 61k
The indicator below the Bitcoin chart is ATR which is more suitable for commodities but since it has statistical value to show the volatility, we can use it for any asset class in my opinion. As it is obvious, Bitcoin volatility decreased significantly since last week of February 2021, and bitcoin’s last 3 resistance levels formed closer to each other in comparison to the others!
Please wait for the daily candle closure, and update your stop loss for Bitcoin to 61k
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