As we can see, BTCUSD continues to press along in this sideways channel between 30K and 40K. BUT it's showing some bullish signs.
Now, before we get too excited, I'm going to remind you this may still be a fake-out on the HTF's and just the peak of our right shoulder, the top of our dead cat bounce or Elon's signal to sit on the toilet and **** up some comma's. (our comma's).
However, we have posted consecutive HL's now and soon expect to see another HH following our recent peak at 41.3K (should we get a bounce at 37.5K). 37.5K looks likely to be hit as this is our previous resistance turned support and now the baseline of our bullish flag formation that's now forming. If we do break to the upside, expect to see us test the 43-45K marked out by the red box above to complete our bullish flag.
This said, volume is (and has been) weakening since the May 19th crash. Almost a month on, we haven't seen any serious signs of bullish continuation. This may indicate that the price increase may be short lived as we get overwhelmed with bearish momentum. Expect that support at 37.5K to fight back some of that bearish momentum but, if we do see any significant moves, then well... who knows. Spike up or spike down soon coming I guess! 30K is BIGGG support and IMO the bottom for this move. Anything above is disgustingly strong resistance but, bit by bit, we'll make it to 100K.
NFA
RN
Now, before we get too excited, I'm going to remind you this may still be a fake-out on the HTF's and just the peak of our right shoulder, the top of our dead cat bounce or Elon's signal to sit on the toilet and **** up some comma's. (our comma's).
However, we have posted consecutive HL's now and soon expect to see another HH following our recent peak at 41.3K (should we get a bounce at 37.5K). 37.5K looks likely to be hit as this is our previous resistance turned support and now the baseline of our bullish flag formation that's now forming. If we do break to the upside, expect to see us test the 43-45K marked out by the red box above to complete our bullish flag.
This said, volume is (and has been) weakening since the May 19th crash. Almost a month on, we haven't seen any serious signs of bullish continuation. This may indicate that the price increase may be short lived as we get overwhelmed with bearish momentum. Expect that support at 37.5K to fight back some of that bearish momentum but, if we do see any significant moves, then well... who knows. Spike up or spike down soon coming I guess! 30K is BIGGG support and IMO the bottom for this move. Anything above is disgustingly strong resistance but, bit by bit, we'll make it to 100K.
NFA
RN