Bitcoin finally broke the diagonal resistance and is now moving higher. The bullish divergence on RSI was the give-away. Bulls could not wait for BTC to fall to $41-42k before buying in heavily.
Our next immediate target is $52k which is also a significant resistance where we got rejected last time. I'd be surprised for us to pass this level without any push-back.
Therefore, watch this price action, the indicators look good for us to re-test $52k. Beyond that we will have to revisit the chart.
On a longer timeframe, we may range in this area between $58k and upper $40k until we get a clean break-out from the current ATH. That will be a clear signal we're going to pump hard.
March has not been a great month for BTC historically, so we have to see how price develop here. For now I remain bullish so long our support above $42k holds.
Like and follow if you liked this idea! Also join my crypto community to stay in touch and watch my technical analysis videos on YouTube. :)
Our next immediate target is $52k which is also a significant resistance where we got rejected last time. I'd be surprised for us to pass this level without any push-back.
Therefore, watch this price action, the indicators look good for us to re-test $52k. Beyond that we will have to revisit the chart.
On a longer timeframe, we may range in this area between $58k and upper $40k until we get a clean break-out from the current ATH. That will be a clear signal we're going to pump hard.
March has not been a great month for BTC historically, so we have to see how price develop here. For now I remain bullish so long our support above $42k holds.
Like and follow if you liked this idea! Also join my crypto community to stay in touch and watch my technical analysis videos on YouTube. :)
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