Relief Rally or Bull Run Continues?
BTC has a strong bounce this week (39.2K current price). It crossed the 37K fib area. It is now heading towards 41.5K fib resistance. We need the next resistance to be broken and ideally it should move above the 21Weekly EMA (45K-46K area) and also 50 fib retracement for bull momentum to sustain.
Interesting plays for the next couple of days. My gut feeling is this might be a relief rally and it will experience two key resistance around 45K (50 Fib resistance and 21 WEMA. We may consolidate for sometime (couple of months of consolidation) before the final leg up! The chart pattern eerily similar to 2013-2014 btc bull run!
Please Note: The analysis is based on my own views and it should not be treated as financial advice.
Feel free to share your own opinions/comments. Also hit like and follow me for future updates!
Best,
Adit Doza
Part-time Faculty
Mike Ilitch School of Business
Interesting plays for the next couple of days. My gut feeling is this might be a relief rally and it will experience two key resistance around 45K (50 Fib resistance and 21 WEMA. We may consolidate for sometime (couple of months of consolidation) before the final leg up! The chart pattern eerily similar to 2013-2014 btc bull run!
Please Note: The analysis is based on my own views and it should not be treated as financial advice.
Feel free to share your own opinions/comments. Also hit like and follow me for future updates!
Best,
Adit Doza
Part-time Faculty
Mike Ilitch School of Business
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