Bitcoin Breaking Barriers
This analysis is based on Wyckoff ideas.
We can see a clear trading channel, that was broken during February 10 and 11, to form a new, but smaller and more detailed channel, where prices managed to rise strong up to a new high. That new high was made by a large green candle, closing about a fifth of its length, showing some weakness; and since then volume has dropped drastically, but with some clear signs of demand strength.
A spring in Wyckoff terminology; SMAs crossed, supporting prices up; a clear spring to the smaller support line, and now forming what is looking like a test on the all time highs resistance line.
But the key question is, is volume high enough to keep pushing prices up?
Have a great day!
We can see a clear trading channel, that was broken during February 10 and 11, to form a new, but smaller and more detailed channel, where prices managed to rise strong up to a new high. That new high was made by a large green candle, closing about a fifth of its length, showing some weakness; and since then volume has dropped drastically, but with some clear signs of demand strength.
A spring in Wyckoff terminology; SMAs crossed, supporting prices up; a clear spring to the smaller support line, and now forming what is looking like a test on the all time highs resistance line.
But the key question is, is volume high enough to keep pushing prices up?
Have a great day!
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