Bitcoin is going steeper as markets grow extremely greedy

News of MicroStrategy adding 3,000 more Bitcoins to its stash sent the cryptocurrency soaring from around $52,000 to more than $57,000 in less than 24 hours (now, MicroStrategy holds about 193,000 BTC). This price action was accompanied by the RSI’s retracement to the overbought territory and a bullish reversal in MACD and Stochastic (on the daily timeframe). The next significant resistance levels lay at $59,250, $59,517, and $60,000 (psychological resistance). For now, the picture remains bullish for Bitcoin; however, caution is advised as markets are growing extremely greedy.

Illustration 1.01

Illustration 1.01 displays the weekly chart of BTCUSD and simple support/resistance levels derived from past peaks and troughs. Interestingly, there is a lack of any significant support or resistance between $52,000 and $59,000, making a case for volatile oscillations in this range.

Technical analysis gauge
Daily time frame = Bullish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.

Comment:

The resistance at $59,250 has been taken out, and Bitcoin stopped short 9$ of another resistance at $59,517.