BTC: Breaks out of the downward channel with RSI support
Looks and smells like a breakout. But, don't get the party started just yet. Here is why...
1. Price is still under VPOC for the range between ATH and current. The very first resistance to make a higher higher for the first time is also in the same area. If this is a bull trap, this will be the perfect setup.
2. ADX is dropping. DI Plus is still under 20 and Minus is dominant. Until there is flip on DI and ADX turns around, this breakout might be in jeopardy.
3. Still on lower high and lower low posturing.
4. RSI is still on a lower high. Needs to break above 48ish level.
5. Volume is still poor.
6. It is most likely that price and RSI will come down and test the break out level. If price fails t hold there then party will be over before it started.
On the positive note:
1. We are seeing classic bottoming pattern.
2. 29K held like a champ.
3. Even a low volume short squeeze can turn into a major bull run as we have witnessed in 2019.
Be careful out there. I am long with caution. The hopium is strong!!!!
1. Price is still under VPOC for the range between ATH and current. The very first resistance to make a higher higher for the first time is also in the same area. If this is a bull trap, this will be the perfect setup.
2. ADX is dropping. DI Plus is still under 20 and Minus is dominant. Until there is flip on DI and ADX turns around, this breakout might be in jeopardy.
3. Still on lower high and lower low posturing.
4. RSI is still on a lower high. Needs to break above 48ish level.
5. Volume is still poor.
6. It is most likely that price and RSI will come down and test the break out level. If price fails t hold there then party will be over before it started.
On the positive note:
1. We are seeing classic bottoming pattern.
2. 29K held like a champ.
3. Even a low volume short squeeze can turn into a major bull run as we have witnessed in 2019.
Be careful out there. I am long with caution. The hopium is strong!!!!
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