FOLLOW ME ON TIKTOK
@CRYPTOK.1 OR TOKTRADER
Looking at Bitcoin in the Week and Monthly chart
One can clearly see that BTC is in the underbelly of some major resistance.
The 1 Week chart
The candle pattern looks promising.
5 green candles yay,it could probably send it into $60K to RSI 90 overBought again like the previous peaks, but from experience when a candle opens under a resistance point, it is "usually not strong enough to break through. Plus those Yellow lines are very strong resistance points.
Lets look at the Monthly chart
The Yellow Line "A" the RSI was a major support that boosted BTC from $30K up to $65K
In a normal cycle, BTC would've stopped at 70 RSI (overbought) which was around $40k but FOMO got the best of everyone and the world kept buying and pushing the price up to $65K and 90 overbought in the RSI.
Now this "little captain hook" i've labeled is taking the world for a spin because it brought BTC from $30K to $48K.
But i doubt it'll go far
Dont be an emotional trader and look at the facts
@CRYPTOK.1 OR TOKTRADER
Looking at Bitcoin in the Week and Monthly chart
One can clearly see that BTC is in the underbelly of some major resistance.
The 1 Week chart
The candle pattern looks promising.
5 green candles yay,it could probably send it into $60K to RSI 90 overBought again like the previous peaks, but from experience when a candle opens under a resistance point, it is "usually not strong enough to break through. Plus those Yellow lines are very strong resistance points.
Lets look at the Monthly chart
The Yellow Line "A" the RSI was a major support that boosted BTC from $30K up to $65K
In a normal cycle, BTC would've stopped at 70 RSI (overbought) which was around $40k but FOMO got the best of everyone and the world kept buying and pushing the price up to $65K and 90 overbought in the RSI.
Now this "little captain hook" i've labeled is taking the world for a spin because it brought BTC from $30K to $48K.
But i doubt it'll go far
Dont be an emotional trader and look at the facts