It's 2 hours before the weekly close and we are on the top edge of the support zone at the 50% retracement from 2017 around 11,575, the 21.8% retracement from the top of last week at 11,275 is especially important to hold and also coincides with the daily 8 right now. Closing above one of these further strength. Let's wait and see.
Last when BURST crossed the 200 daily vs. BTC, almost a year ago it gained 50% - on the peak of the bubble of 2017 though it was a 3.5x - I think we might be somewhere between - in any case I see high potential buildung up. Let's see what the weekend reveils!
There are only 90 minutes left for a determination, 24h ago we were on a very late train to convince the market towards the upside, current trend and the support zone are increasing pressure. I guess I'll wake up surprised in one or the other way tomorrow and I feel there might be a downside here. Let's see!
Bitcoin left a support zone to the upside - but it made that move only in the very last hour before closing the price yesterday. That might be a weak signal. If it can close above previous highs around 12,4k there might be hope for more, if instead it closes below the 8 daily again then it will most likely test the 21 daily again. We have to wait and see.
The 21 daily is approaching from the bottom, the 8 daily from above while we are maintaining a support zone, a downward wedge might be forming here - in any case pressure needs to be released soon - let's await a closing price and a reliable direction.
Today we tested the 38,2% retracement and bounced back over the lows it formed last week, let's see where we close today and how long it can respect the 21 daily.