Bitcoin to $115k or pullback to $91k

Good Evening Traders,

First I would like to say, congratulations to all of you who have been in the game for the last 3 bitcoin halving cycles. Through all of the "You buy fake internet money" comments or the never ending explaining of the Tokenomics of different cryptocurrencies, I have to say KUDOS to all of us who saw the vision, stuck to your guns and intricately added to your bags over the years! We are finally here on the cusp of full regulation and a final hush of the naysayers!

Ok, now down to brass tax! On the chart I have Highlighted a few important details. Something I did not point out on the chart is the massive printing of USDT that has been happening over the past few days. It seems to me that we are on the cusp of a massive influx of capital into the alt coin markets. But, for now lets focus on Bitcoin! As stated, you can see multiple points that I have highlighted... These being mostly bearish for the big dog of market cap and the grandfather coins of crypto Bitcoin. The first few things to notice is the bearish divergence on the MACD histogram, the bearish down cross of the MACD line over the signal line on the MACD indicator. You can also note the overbought area on the RSI right above that. In addition to this we do have some gaps on BTC1! Which generally get filled sooner than later on most charts.

With this in mind, it is possible that we could have some good news amongst the movers and shakers down at the Bitcoin conference this week. Yet, we could get some sell the news type events that could ease the price downward to fill in these gaps that we have below. In my experience at the beginning of each alt coin season Bitcoin generally leads the rally and can trade sideways to down during the upward movement of the majority of the altcoin market.

My personal thoughts on the chart currently is shown at the top of the chart. if we close the daily candle underneath the hyperlocal resistance shown on the red line at the top of the chart, then we will most likely start pulling back to fill the first gap that is shown on the chart below in yellow. Albeit, the MACD is a lagging indicator, we can gain a lot of insight using it and my favorite sign on the MACD is using the histogram to point out bearish and bullish divergences. This shows a lack in momentum in the current trend that is shown through the price action of the assets trend. Especially, after a straight run up like we have just experienced as of late.

In conclusion, you can make the assumption that if we close the current day under the red line above it is very possible that we begin what could turn out to be an ABC correction leading us down to fill in the gaps on BTC1! to the downside. If we hold the first support, BTC may show us a little more juice potentially reaching for just under $115k. This in my opinion would likely be a bull trap for the time being. Summers are not the best when it comes to crypto growth and it always seems like we are waiting for the Ground Hog to see its shadow to find out if we are to the moon or back to McDonalds with our friends!

I hope that this analysis has helped you gain some insight in your research. I have added supports to the chart to show you where we may turn around and start heading back into price discovery.

Stay Profitable,

Savvy