The demand rejections on the daily timeframe

2022年4月20日

As Bitcoin approaches the 40k level, I want to note that the last months can’t be considered as a consolidation anymore, but as a slow uptrend. In early February we saw a break of the downtrend market structure (we set a higher high). Consecutively we rejected from demand zones 2 times (and a third time now). These are all the characteristics of an uptrend.

For the upcoming weeks I want to see another impulse to the upside, which should end above 48K to continue the trend, but I think that we might stop briefly at 44k for an even stronger move.

However, this is a shorter update than usual as there isn’t really much to say, so I think this is a good moment to re-read some of my HTF Tuesdays and On-Chain Thursdays posts. Have a good trading!