Bitcoin is going steeper as markets grow extremely greedy

News of MicroStrategy adding 3,000 more Bitcoins to its stash sent the cryptocurrency soaring from around $52,000 to more than $57,000 in less than 24 hours (now, MicroStrategy holds about 193,000 BTC). This price action was accompanied by the RSI’s retracement to the overbought territory and a bullish reversal in MACD and Stochastic (on the daily timeframe). The next significant resistance levels lay at $59,250, $59,517, and $60,000 (psychological resistance). For now, the picture remains bullish for Bitcoin; however, caution is advised as markets are growing extremely greedy.

Illustration 1.01

Illustration 1.01 displays the weekly chart of BTCUSD and simple support/resistance levels derived from past peaks and troughs. Interestingly, there is a lack of any significant support or resistance between $52,000 and $59,000, making a case for volatile oscillations in this range.

Technical analysis gauge
Daily time frame = Bullish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.

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DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.

코멘트:

The resistance at $59,250 has been taken out, and Bitcoin stopped short 9$ of another resistance at $59,517.