BTC/USD - Approach to $50k in progress! 🚀
Bitcoin successfully re-tested our support at 43k which so far has held price quite well. This is also a key Fibonacci level at 23%.
What this current price action shows is that BTC will likely aim to re-test our resistance at just over 51k also represented by the next Fibonacci level, 38%.
Therefore, bias is bullish until we reach 50k. After that we really need to see how price reacts around that level. If we manage to pass it and make it support, we should have a clear path to re-test the real resistance at 60k.
The indicators are turning bullish, therefore if we pick up enough momentum on this way up to 50k we may actually breach this resistance. MACD and also RSI are curving up and on daily timeframe we're just about to have a positive cross on MACD. StochRSI is already bullish.
For some reason volume continues to go down, this is not a very good thing in a bull trend, but that will only become more relevant once we hit our resistance. Important to see then if we get rejected on volume or we break on volume, that will settle this.
For now, we're going up, which is good.
Like and follow if you liked this idea!
What this current price action shows is that BTC will likely aim to re-test our resistance at just over 51k also represented by the next Fibonacci level, 38%.
Therefore, bias is bullish until we reach 50k. After that we really need to see how price reacts around that level. If we manage to pass it and make it support, we should have a clear path to re-test the real resistance at 60k.
The indicators are turning bullish, therefore if we pick up enough momentum on this way up to 50k we may actually breach this resistance. MACD and also RSI are curving up and on daily timeframe we're just about to have a positive cross on MACD. StochRSI is already bullish.
For some reason volume continues to go down, this is not a very good thing in a bull trend, but that will only become more relevant once we hit our resistance. Important to see then if we get rejected on volume or we break on volume, that will settle this.
For now, we're going up, which is good.
Like and follow if you liked this idea!
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