Good morning, traders. Since yesterday's shakeout, Bitcoin has continued to rise but has found resistance at the 50% retracement level around $3988. It appears that price is printing an ascending triangle as it consolidates toward that level which is also the H4 21 EMA. A close above that high should indicate a target of $4055, based on the height of the triangle. That would put price at the recent swing high. A close above the local TR should provide a price target of $4150 and this would have price targeting the top of the ascending channel that it has been printing for almost a month. Closing above that channel's resistance gives us a target of $4360 which would then give us our first higher high off that corrective low in December. If there isn't a surge of volume taking price toward $5000 once it moves through the ATH's descending resistance, then the $4300/$4400 level would be a likely place to see a retracement. The $4921 level is the 161.8% extension off the first impulsive wave in December and it is also the secondary descending resistance level as shown in the daily chart. Currently price remains above the daily pivot and 21 EMA while RSI is bullish at 60.5.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.