The bitcoin price has had an amazing run of approximately 50 % the last 3 weeks, however, there is some sign that we can't ignore and we have to be cautious in order to react in a appropriate way in front of the next price action.
Bitcoin has had a 50 % increase the last 3 weeks but we can notice an anomaly on the volume / price analysis. The buying volume are not increasing while the price candle are growing, an increase of the price with low volume mean that the buying pressure is not strong and is not confirming the price action.
We are now in a resistance zone, the 63/64 k USD region and so, there are many scenarios possible.
A weekly close above this resistance area (64K USD) would confirm the weekly breakout and lead the price in discovery zone with a new ATH on the way
A weekly close under it would probably lead the price to retest the 57 K USD region as a support and form a beautiful cup and handle pattern on the weekly timeframe before a strong breakout.
I believe that it would be better to see the price retesting the low region of the range as support in order to consolidate and form a mature Cup and Handle pattern on the weekly time frame.
This would give more sustainability to this trend and build a better fondation for the next price action
How do you think the BTC price will react in this area ?
The content covered in this publication is NOT to be considered as investment advice.
Thank you all,
If you enjoyed this analysis please mark a thumbs up and do not hesitate to share your point of view in the comment section.
Have a Good day and Safe trade
Butterfly .D
/Metamorphose your portfolio
Bitcoin has had a 50 % increase the last 3 weeks but we can notice an anomaly on the volume / price analysis. The buying volume are not increasing while the price candle are growing, an increase of the price with low volume mean that the buying pressure is not strong and is not confirming the price action.
We are now in a resistance zone, the 63/64 k USD region and so, there are many scenarios possible.
A weekly close above this resistance area (64K USD) would confirm the weekly breakout and lead the price in discovery zone with a new ATH on the way
A weekly close under it would probably lead the price to retest the 57 K USD region as a support and form a beautiful cup and handle pattern on the weekly timeframe before a strong breakout.
I believe that it would be better to see the price retesting the low region of the range as support in order to consolidate and form a mature Cup and Handle pattern on the weekly time frame.
This would give more sustainability to this trend and build a better fondation for the next price action
How do you think the BTC price will react in this area ?
The content covered in this publication is NOT to be considered as investment advice.
Thank you all,
If you enjoyed this analysis please mark a thumbs up and do not hesitate to share your point of view in the comment section.
Have a Good day and Safe trade
Butterfly .D
/Metamorphose your portfolio