Hi guys,
Thanks for stopping by!
In my previous analysis I’ve stated that BTCUSD is gaining bullish momentum.
Anyhow it’s a little early to pop up the champagne.
There are two strong resistance levels to be broken if the bulls maintain momentum.
The very next level is at 48834$ and the one above is the previous swing high at 52956,47$
Once those two levels get broken Bitcoin may regain its previous highs.
As you can see right now the price action is slowing down and acknowledging the resistance level above.
Bullish divergences have been formed on MACD and MFI.
Cycle low on slow stochastic on both timeframes.
All that indicates buy pressure.
One thing to keep in mind though, there is a correlation between traditional markets such as SPY DJI and crypto. Therefore the entire crypto market may sell off if traditional markets crash.
Also, I find it important to watch DXY because weakness in the dollar index usually indicates strength in stocks and crypto.
Please share your thoughts.
Have a great day and happy trades!
Thanks for stopping by!
In my previous analysis I’ve stated that BTCUSD is gaining bullish momentum.
Anyhow it’s a little early to pop up the champagne.
There are two strong resistance levels to be broken if the bulls maintain momentum.
The very next level is at 48834$ and the one above is the previous swing high at 52956,47$
Once those two levels get broken Bitcoin may regain its previous highs.
As you can see right now the price action is slowing down and acknowledging the resistance level above.
Bullish divergences have been formed on MACD and MFI.
Cycle low on slow stochastic on both timeframes.
All that indicates buy pressure.
One thing to keep in mind though, there is a correlation between traditional markets such as SPY DJI and crypto. Therefore the entire crypto market may sell off if traditional markets crash.
Also, I find it important to watch DXY because weakness in the dollar index usually indicates strength in stocks and crypto.
Please share your thoughts.
Have a great day and happy trades!
