In line with my previous TA related weekly resistance, BTC is right now trying to aim for the strong long term resistance levels at around 10k. Last time BTC tried to cross 10k it just managed to do it briefly and only by 79 USD.
Although last 3 days have been a strong movement against the 1400 USD drop on 10th May, I still have my doubts that BTC will be able to cross the 10k mark this time around. If it does cross and close above the previous high of 10079 USD, BTC will break the lower high pattern on the weekly charts. Last time it ran upto 10079 USD, it broke the lower high pattern on the daily charts .
Couple of additional Important points to keep in mind:
1. USDT Market cap has increased from around 4.6 Bn USD to 8.8 Bn USD since March 30 2020
2. RSI levels on weekly and daily charts are around 60-65 levels
I am deliberately combining the weekly and daily charts as I feel for BTC to aim at next ATH it needs all round support.
Keep track of the Daily / weekly channel BTC is right now in to estimate the future course of action. Moving out of the channel will give insight into the possible price movement in coming days.
What do you think?
Do like and / or comment your views and feedback
Although last 3 days have been a strong movement against the 1400 USD drop on 10th May, I still have my doubts that BTC will be able to cross the 10k mark this time around. If it does cross and close above the previous high of 10079 USD, BTC will break the lower high pattern on the weekly charts. Last time it ran upto 10079 USD, it broke the lower high pattern on the daily charts .
Couple of additional Important points to keep in mind:
1. USDT Market cap has increased from around 4.6 Bn USD to 8.8 Bn USD since March 30 2020
2. RSI levels on weekly and daily charts are around 60-65 levels
I am deliberately combining the weekly and daily charts as I feel for BTC to aim at next ATH it needs all round support.
Keep track of the Daily / weekly channel BTC is right now in to estimate the future course of action. Moving out of the channel will give insight into the possible price movement in coming days.
What do you think?
Do like and / or comment your views and feedback