Bitcoin has finally broken a key resistance level from February
Short and simple analysis in bullet points:
- Bitcoin was forming lower lows after reaching a local high of 7400 (green circles on the charts);
- It was heading to its key support levels - yellow line (key support from 2019) and Fib 61.8% probably due to S&P correction and potential stablecoins ban;
- However, it gained enough momentum to finally brake the red resistance line that started to form back at February when BTC was looking very bullish;
- If BTC is able to hold above the red line making it our support, it will have a golden cross very soon on the 1 hour and 4 hours time frames very soon;
- BTC almost formed a golden cross right after a death cross back when it was rallying up to 7400 but failed to brake the red resistance line;
What to expect next:
- Next target for the BTC will be braking 50% Fib level and establishing itself there around 7200;
- Next BTC will need to make a higher high at around 7600 - 7700 depending on the speed of the price action, which will also bring back BTC to the rising channel you can see on the chart;
- The ultimate boss resistance is to be faced at 7900-8100 level - not only it is the level when the recent crash has started but also a level that must be broken in order for BTC to get back into the adoption curve;
- Bearish scenario will be falling back to 6200 - 6400 levels and gaining more support there.
- Bitcoin was forming lower lows after reaching a local high of 7400 (green circles on the charts);
- It was heading to its key support levels - yellow line (key support from 2019) and Fib 61.8% probably due to S&P correction and potential stablecoins ban;
- However, it gained enough momentum to finally brake the red resistance line that started to form back at February when BTC was looking very bullish;
- If BTC is able to hold above the red line making it our support, it will have a golden cross very soon on the 1 hour and 4 hours time frames very soon;
- BTC almost formed a golden cross right after a death cross back when it was rallying up to 7400 but failed to brake the red resistance line;
What to expect next:
- Next target for the BTC will be braking 50% Fib level and establishing itself there around 7200;
- Next BTC will need to make a higher high at around 7600 - 7700 depending on the speed of the price action, which will also bring back BTC to the rising channel you can see on the chart;
- The ultimate boss resistance is to be faced at 7900-8100 level - not only it is the level when the recent crash has started but also a level that must be broken in order for BTC to get back into the adoption curve;
- Bearish scenario will be falling back to 6200 - 6400 levels and gaining more support there.