Bitcoin now has massive support at 45781! Resistance at 47505!
We are already above the highest 3 day bar close of *last year* and it's only the very beginning of the 3 day period and we are still fairly early in the month and early in the year.
The 3-day bar is for sure going to test 47505 (white line overhead represents the 150 day average and if it does it all today, or breaks through it today, that's big.
The point that I am bringing up about last year, is that it was last year and we are still early in the year in a month that has been typically bullish for Bitcoin. We are potentially in for a whole year of bullishness or multi-year.
That now makes last years highest 3 day bar close at 45781 big support as we crossed it with authority the last 3 days. Nice spike on higher volume.
It's unknown where we go this next 3 days but the bulk of it will be today as weekend markets are suppressed.
Right now, but you have the next key level to look for:
The 150 day average at 47505
If it clears, we are then set for higher: 48K, 49K, 50K, 54K.... next major hurdles...
(The arrows I made are a proprietary indicator I developed based on SMI and ADX.)
The 3-day bar is for sure going to test 47505 (white line overhead represents the 150 day average and if it does it all today, or breaks through it today, that's big.
The point that I am bringing up about last year, is that it was last year and we are still early in the year in a month that has been typically bullish for Bitcoin. We are potentially in for a whole year of bullishness or multi-year.
That now makes last years highest 3 day bar close at 45781 big support as we crossed it with authority the last 3 days. Nice spike on higher volume.
It's unknown where we go this next 3 days but the bulk of it will be today as weekend markets are suppressed.
Right now, but you have the next key level to look for:
The 150 day average at 47505
If it clears, we are then set for higher: 48K, 49K, 50K, 54K.... next major hurdles...
(The arrows I made are a proprietary indicator I developed based on SMI and ADX.)
Comment:
If you zoom into the bars and look at the 12h bar you can see the rejection that was occurring at that time was that the bullish momentum from October was not yet at that time capable of going higher. It already suffered several high powered rejections earlier and the final big one at trying to cross 49k. Not yet, sorry....go lower first.
So it went lower and found plenty of support and is getting ready to test potentially last resistance potentially today. Or we retreat back to big support at 45781 over the weekend. Wall street wouldn't mind waking up to 45781 bitcoin Monday morning!
So it went lower and found plenty of support and is getting ready to test potentially last resistance potentially today. Or we retreat back to big support at 45781 over the weekend. Wall street wouldn't mind waking up to 45781 bitcoin Monday morning!
Comment:
LSMA stands for least squares moving average and it's a type of average that throws out outliers.