Bitcoin (BTC) has broken through more resistance, leaving the last hurdle before reaching a new all-time high. There is very little serious missing for the market to take that last step. But it is necessary to keep in mind that something can happen and the continuation of the bull trend is not even 100% now. In addition, there is a high chance that a correction will come. Intraday time frames suggest this to some extent.
Current situation at 1D BTC / USD
As for recent days, Bitcoin has consolidated for a short time above the key broken S / R level of $ 52,500, where it was very strong confluence. As I have said many times, the breakdown of this resistance has been a huge success. The course then consolidated above the monitored level, in fact, it was not even fully tested, which froze me personally. It made sense for Bitcoin to test at least $ 51,000 from above.
In any case, consolidation turned upwards. At first, Bitcoin had trouble overcoming it high volume node volume profile. But yesterday BTC was a success, because Monday’s candle is both impulse and closed just above HVN. Unfortunately, the volumes of a given candle will certainly not inspire anyone. But what can be done.
So the last challenge for the bulls is the S / R level, which is around $ 61,500. The last strong border that prevents entry into unexplored waters. There is still a chance that it will all fall apart before our eyes. However, at these times, the bullish cycle seems more likely to prolong. But no one will tell you how long it will last.
It can only be a few weeks, at best a few months. And 100% believe that it would be over anyway over the next year. Just don’t expect us to go for a million. However, we could achieve six-digit numbers. Provided that the current all time high will be humbled without any problems.
Indicators
The RSI indicator exceeds the limit of 70 points, which is positive. But it’s not very convincing yet. There is a certain hesitation, because the positive momentum loses strength. The second MACD indicator only confirms this.
In conclusion
I would venture to say that perhaps the current week will decide the future. However, there must be no correction. But I think the $ 52,500 correction is about to fall. In any case, I would say that if Bitcoin collapsed in the coming days, retail would bounce back terribly. Everyone is already painting the $ 100,000 and taking it for granted. A big bull trap can just come out of this.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade only at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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