Bitcoin is facing heavy resistance which is coming from two sources:
One is the horizontal resistance of 24 to 25k, and the other is the 200 weekly moving average. This means that there is confluence on the resistance side. Not only are we facing resistance, but this uptrend is already lasting for 53 days, making it likely its time for a correction.
Why is this 200 moving average also included? Normally I woudn't pay much attention to moving averages in general, but this one can be special.
In the bull run of 2015 to end 2017, this line was the support line for the whole bull market. This line was also support at the bottom of december 2018 and during the covid crash, making it strong resistance.
One is the horizontal resistance of 24 to 25k, and the other is the 200 weekly moving average. This means that there is confluence on the resistance side. Not only are we facing resistance, but this uptrend is already lasting for 53 days, making it likely its time for a correction.
Why is this 200 moving average also included? Normally I woudn't pay much attention to moving averages in general, but this one can be special.
In the bull run of 2015 to end 2017, this line was the support line for the whole bull market. This line was also support at the bottom of december 2018 and during the covid crash, making it strong resistance.