Looking at back, we see the 28 degree uptrend support from October 2020 continued to hold price on this rally to the upside. We wicked down -perfectly- to retest and confirm support this week. Along with other data, it suggests that MM got the retest and bullish confirmation they were looking for. And with their continued re-accumulation, they will fueling up for a stronger move to the upside at some point in the future.
In the meantime, bulls next target is the 20/21w moving averages (historical bull market supports-turned-resistance this week). These are currently sitting across $51.5k-52.5k. If bulls are rejected from this level, it could be a bloody move to the downside as this is a closely watched level that might trigger more selloff if we fail to recover it.
MACD is trending down but not surprising after the price drop this week. And RSI is also posting a weak bearish downtrend. Due to this being a higher timeframe , it may take some time for a bullish recovery to be reflected at this level, but we will continue to monitor on lower timeframes, from 12h up to 1 week, looking for indications of rising bullish or bearish sentiment.
In the meantime, bulls next target is the 20/21w moving averages (historical bull market supports-turned-resistance this week). These are currently sitting across $51.5k-52.5k. If bulls are rejected from this level, it could be a bloody move to the downside as this is a closely watched level that might trigger more selloff if we fail to recover it.
MACD is trending down but not surprising after the price drop this week. And RSI is also posting a weak bearish downtrend. Due to this being a higher timeframe , it may take some time for a bullish recovery to be reflected at this level, but we will continue to monitor on lower timeframes, from 12h up to 1 week, looking for indications of rising bullish or bearish sentiment.
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