Bitcoin! A mid term outlook after the BULLISH breakout
Whats up ladies and gentlemen! Back with an over due crypto analysis on bitcoin. A lot of you guys are probably super pumped ;) no pun intended lol But anyways looking at this super candle we got in the market we can see that despite BTC being over bought on most time frames except for the weekly and monthly, BTC continues to go higher breaking resistance after resistance. Currently we are flirting with the .618 fib level and seem to have found support on it. With that being the case BTC is headed towards my drawn out resistance cluster 1 but tread very carefully as we have formed multiple Bearish divergences on multiple time frames so taking any long positions at these levels now is extremely risky. But just because we formed a Bearish divergence does not mean we can't still rally a bit higher. If BTC does break above $5200 im expecting it to reach my first resistance cluster which is between $5378-$5504. A breakout above that would take prices towards our next fib level at around $5622 followed by our ultimate resistance cluster $5790-$6000. Any break below the .618 will most likely take prices towards $4400 to as low as $4100. As a trader I am very excited because what I see developing with this new trend is a range bound trading for BTC between 4k and 6k for the next couple months towards summer. Of course this is invalidated if we break our upwards support trendline. This is not financial advice jut my opinion do whatever the hell you want :) If you like my chart please like comment and follow will be appreciated :)
Comment:
BTC as expected met resistance around my resistance cluster 1 area and is looking to re attempt to test that level.
Comment:
BTC failed to retest the cluster one resistance and is currently looking for support