Clearing 52200 will be a massive feat! Stay alert!
With a massive 20% gain in the last 10 days, Bitcoin is cruising ever higher. But the real test is now upon us.
Bitcoin is right now touching a huge old channel resistance line. This resistance line goes all the way back to 2013 (shown here back at the bottom of the 2020 market) and bitcoin has failed on a number of instances to clear it since it broke below it near the bottom of the last bear market.
It rejected this line several times in the past and it suffered a rejection already early in the trading day today. But the 5 and 15 day bars are all closing today so the next 5 days are really critical. If it continues to reject this line, expect a retrace of earlier levels. 40 and 45k and 48k remain good support zones.
It remains a huge momentum hurdle. Stay on alert!
It doesn't mean it can't rise against this line since this line is a rising line itself, but if it clears it, look out because it means we are headed way, wayyyyy higher. It will essentially establish this line moving forward as a bottom and longs immediately above the line break on a good time frame (3 day minimum), will have very little to be concerned with.
Bitcoin is right now touching a huge old channel resistance line. This resistance line goes all the way back to 2013 (shown here back at the bottom of the 2020 market) and bitcoin has failed on a number of instances to clear it since it broke below it near the bottom of the last bear market.
It rejected this line several times in the past and it suffered a rejection already early in the trading day today. But the 5 and 15 day bars are all closing today so the next 5 days are really critical. If it continues to reject this line, expect a retrace of earlier levels. 40 and 45k and 48k remain good support zones.
It remains a huge momentum hurdle. Stay on alert!
It doesn't mean it can't rise against this line since this line is a rising line itself, but if it clears it, look out because it means we are headed way, wayyyyy higher. It will essentially establish this line moving forward as a bottom and longs immediately above the line break on a good time frame (3 day minimum), will have very little to be concerned with.
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Here's a close up on much lower timeframe...
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I'm becoming more convinced that bitty will retrace here. Combination of heavy old resistance plus being badly overbought plus bigger time frame RSIs look very messy to me. It could take something like 30 days to properly break away from the line. I don't expect fireworks, I expect bitty to do what bitty does best, grind grind grind until momentum surely builds against it and then drop "suddenly".