BTC/USD Analysis Of Current Situation - Will we reach 54K soon?
This is what I'm basing my close/leave open decision on at the moment.
We're forming a clear ascending wedge on the 1hr. However, this wedge contains critical points of resistance that we must clear and maintain in order to see confirmation.
We need more volume to consume the lower chunks of the order book. Once we do that, there is a serious sell wall at 52 that we'll need to break through. We'll need volume to do that.
RSI and MACD look very bullish. Would still be looking to buy dips.
RSI divergence is also very promising.
I'm looking to reach the critical points indicated on the chart in order to confirm upward trajectory.
Local resistance matches fib retracement to the dollar.
We need to surpass each in order to reach 54.
If we don't and close an hourly candle under a critical fib/resistance point, we could see a retracement back to 47.6.
Not advice, just thoughts.
Let me know what you think.
We're forming a clear ascending wedge on the 1hr. However, this wedge contains critical points of resistance that we must clear and maintain in order to see confirmation.
We need more volume to consume the lower chunks of the order book. Once we do that, there is a serious sell wall at 52 that we'll need to break through. We'll need volume to do that.
RSI and MACD look very bullish. Would still be looking to buy dips.
RSI divergence is also very promising.
I'm looking to reach the critical points indicated on the chart in order to confirm upward trajectory.
Local resistance matches fib retracement to the dollar.
We need to surpass each in order to reach 54.
If we don't and close an hourly candle under a critical fib/resistance point, we could see a retracement back to 47.6.
Not advice, just thoughts.
Let me know what you think.