BitcoinLong
Bitcoin. Explosive move ahead?
Hello Everyone,
Bitcoin is starting to look more promising as my previous analysis have shown some weakness with price action and waning selling momentum. If we close above $60,000 this week, I do believe we will continue higher.
Here are my technicals:
1. Weekly volume is starting to increase as price increases. This is confident bullish price action.
2. $60,000 held as a support line on our daily and it appears to be mostly wick which implies a buy-up or accumulation.
3. Weekly RSI has some room to grow before we hit the top of the trendline.
4. Daily Inverted Head and shoulders is very clear with the several closes above the $60,000 neckline.
So I would like to see some things happen before we end this week. Obviously the most important would be holding the $60,000 support line. I believe closing above this once massive resistance, will provide a major support area in which accumulation will occur. I also would like to see any small drops near $60,000 be bought quickly with volume. This indicates investor interest and more accumulation.
My targets are anywhere between $68,000 to $78,000 it just depends on what my indicators and gut are telling me.
As always, manage your risk, be patient, and good luck trading.
Bitcoin is starting to look more promising as my previous analysis have shown some weakness with price action and waning selling momentum. If we close above $60,000 this week, I do believe we will continue higher.
Here are my technicals:
1. Weekly volume is starting to increase as price increases. This is confident bullish price action.
2. $60,000 held as a support line on our daily and it appears to be mostly wick which implies a buy-up or accumulation.
3. Weekly RSI has some room to grow before we hit the top of the trendline.
4. Daily Inverted Head and shoulders is very clear with the several closes above the $60,000 neckline.
So I would like to see some things happen before we end this week. Obviously the most important would be holding the $60,000 support line. I believe closing above this once massive resistance, will provide a major support area in which accumulation will occur. I also would like to see any small drops near $60,000 be bought quickly with volume. This indicates investor interest and more accumulation.
My targets are anywhere between $68,000 to $78,000 it just depends on what my indicators and gut are telling me.
As always, manage your risk, be patient, and good luck trading.
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