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As I said in yesterday’s video analysis, Bitcoin (BTC) seriously pretended that the retracement would be extended by at least $ 42,000. On the one hand, the exchange rate got back above the 50-week moving average, and on the other hand, the sellers did not take advantage of the opportunity they had when Bitcoin froze in the support zone. In addition, the dollar index is in a very similar position as at the turn of March / April.
As everyone has noticed, Bitcoin is expanding after a long time impulse. We haven’t had anything like this in the chart for a few weeks. But that alone is not enough, because it wants larger volumes. Which, of course, may come until the end of the trading day. Furthermore, the shape of the day candle is naturally important.
Current situation at 1W TF BTC / USD
When we have a finished week, it is appropriate to look at the weekly chart. The weekly candle finally closed very confidently above 50-week moving average, which is quite a bull signal. Market on close pod MA 50 from the previous week did not react in any way, and on the contrary, the price was returned.
However, the bulls have not won at all, as MA 20 is approaching from above. Of course, the key resistance is $ 42,000. In terms of volumes, it’s better than the previous two weeks, but not by much. Bitcoin simply has those volumes problem which persists.
Indicators
RSI values are in close proximity to 50 points. If Bitcoin is to have any real chance of continuing to grow, it is necessary to get to the top half and stay there. It will definitely be interesting to watch the MACD, because a potential bullish cross would of course be a good signal and many would be convinced that we are going up.
Current situation at 1D TF BTC / USD
As for the daily chart, after some two weeks, the course actually got back above the drawn support band and also above the top wall of the drawn pattern. Both are, of course, a bullish signal, although I was very skeptical about the wedge formation. However, when the market believes this, it is irrelevant.
In any case, Bitcoin broke through Point of Control a EMA 55so we have more bullish signals. Objectively, the shoppers have quite behind them success. At the moment, it peaks at $ 39,799, which is already very close to the MA 100 and the key resistance is $ 42,000. As you can see, the course is negative.
This is nothing dramatic, but it is a noticeable rejection. But by the end of the day, there is a lot of time, so the bulls still have the opportunity to completely wipe the upper wick. In terms of volumes, there was a spike again, but nothing big for now. We’ll see at the end of the day, then we’ll be wiser.
Indicators
That the continuation of the retracement could come was also recorded by breaking the monitored resistance diagonal on the RSI. The market seriously took the breakthrough as a valid signal. The current values are above 65 points – we have not been that high since April. The MACD is of course fresh after the bullish cross.
In conclusion
Signals indicating that we could wait extension retracement, were ultimately relevant. The question, however, is how long this expansion will last us. We have impulse growth and even some good signals to do so, but without large enough volumes the expansion will not last long.
Anyway, it’s current retracement for us very important because we’ll find out how they’re doing force ratios. We haven’t gotten above $ 36,000 for a very long time, so we didn’t know what the demand was above. Are there any inquiries at all? And what about the sellers? What strength they have. Maybe we’ll find out now.
ATTENTION: No data in the article is an investment board. 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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