Alright bitcorn, what’s it gonna be?

19 de fev. de 2021

Btc set a new ATH this early morning at 52.9k approx. it seems to have a support line extending back to the SpaceX candle resistance line which became supporting trend line, while also laying a new recent support line generally congruent to it, maintaining a trending channel since 29.5k, that would suggest possible lows of 49.3K and possible highs at 54k. 3Hr tf 100 has crossed below the 200 ema, which took an entire day to set in, but suggest downwards pressure. The ema cross is so subtle, that it’s not a death sentence, and a pull to the upside could cross it back above, creating even stronger bullish momentum. These higher time frame emas seem to tow a lot of weight in momentum though. Lower time frame emas look fine, no major crosses up or down for now, and rsi has room to run if it wants. Also noticing possible H&S pattern, however the dynamics have not played out for that pattern to be validated, it does not seem to set the traditional lower right shoulder, it just moves back up, negating the pattern. While proving bullish this morning, I expect a test of the bottom side of the range. While it’s possible to test or even break 54k, I feel very cautious to trade, as indicators seem a bit overcooked, and I feel if it does test the topside, a nasty correction to the downside may follow. For now, Btc seems to remain unstoppably bullish, with recent news of investment from Tesla, Apple, and MasterCard. Even if it does dump, even down to 25-35 k, it would likely get bought up fiercely I feel, as these big companies probably won’t allow it to dump to these lower levels that we would expect. I never thought we’d get this far honestly, but here we are, approaching 53k. Again, I feel cautious of this area and we haven’t seen a significant pullback for a bit,I remain 50/50 on how this is gonna play out.