As per my last submission (link below), bitcoin has clearly established support from the topside of a down-trending channel and has now entered a rapid run up towards the ATH which is around $42K USD.
This is a lovely break to the Bullish side in the short-term, but one must be prepared for the strong resistance that is looming at $37.5K which has shown significant interaction with the BTC price in the recent interplays between the two.
After $37.5K, the ATH at $42K is just a stone's throw away, though there may be some minor resistance at $40K... As we are fast approaching $37.5K, it will be interesting to see how the price action interacts. Keep in mind that in all of the previous interactions between BTC and the $37.5K USD price-point, it took about 12 hours of mingling in the area before the direction of BTC price was truly established. I don't know what it will do on this run-up, and I leave that to y'all to sort out. But if you don't mind waiting, we should know by midnight tonight (EST). Happy trading!
This is a lovely break to the Bullish side in the short-term, but one must be prepared for the strong resistance that is looming at $37.5K which has shown significant interaction with the BTC price in the recent interplays between the two.
After $37.5K, the ATH at $42K is just a stone's throw away, though there may be some minor resistance at $40K... As we are fast approaching $37.5K, it will be interesting to see how the price action interacts. Keep in mind that in all of the previous interactions between BTC and the $37.5K USD price-point, it took about 12 hours of mingling in the area before the direction of BTC price was truly established. I don't know what it will do on this run-up, and I leave that to y'all to sort out. But if you don't mind waiting, we should know by midnight tonight (EST). Happy trading!
