Things are looking undeniably bullish right now, but I thought I'd chime in to point out some possible resistance areas that could halt upward movement for the time being.
First, there's the middle of the weekly BBand, which is currently right at around $10,000. The market fell below it during the drop to $6,000 for the first time since wayyyy back in the $400s. Rising back above it would be a strong bullish sign, but we're not there yet.
The market hit the top of the ascending channel that's been formed by the recovery from $6,000 to $10,000. If it doesn't break out to the upside in the near future, a drop to visit channel support around $8,800 seems likely.
RSI is fluctuating between 60 and 80 on the 1h through the 6h. In short, the market is overbought on medium timeframes, and frenzied buying is preventing RSI from settling down. While the market can remain in overbought conditions for some time, it's generally expected that buyers will become exhausted sooner rather than later.
Moreover, A liquidity pool is just an area where price is likely to move to because there will be a lot of stops in that region. As you can see, there are a fair few near-even swing highs just below both of those zones, which is where retail traders who are currently short will have stops.
First, there's the middle of the weekly BBand, which is currently right at around $10,000. The market fell below it during the drop to $6,000 for the first time since wayyyy back in the $400s. Rising back above it would be a strong bullish sign, but we're not there yet.
The market hit the top of the ascending channel that's been formed by the recovery from $6,000 to $10,000. If it doesn't break out to the upside in the near future, a drop to visit channel support around $8,800 seems likely.
RSI is fluctuating between 60 and 80 on the 1h through the 6h. In short, the market is overbought on medium timeframes, and frenzied buying is preventing RSI from settling down. While the market can remain in overbought conditions for some time, it's generally expected that buyers will become exhausted sooner rather than later.
Moreover, A liquidity pool is just an area where price is likely to move to because there will be a lot of stops in that region. As you can see, there are a fair few near-even swing highs just below both of those zones, which is where retail traders who are currently short will have stops.
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Short term resistance line has broken upwards on the 1H. Looking for a retest of the $10,000s.
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just noticed i never updated this idea lmao.
closed my long at $10.700.
closed my long at $10.700.