BTC 5D Stochastic Pivot indicating potential strong movement.
BTC Stochastic momentum on the 5D has now pivot back to the upside in line with the D, 2D, 3D. Weekly Stochastic will pivot to the upside on a close back above 27.2k.
An important time for BTC now, continuation of this current move back above 28.6k would see momentum across Daily to Monthly timeframes indicating a powerful move. A 3rd attempt to break 32k would likely end it with an impressive break since this area has become so pivotal in June 21, Jan 22 and May 22. A break of it is likely to close any long term short positions giving bulls a chance to run with fib projections into the 40k's with potential resistance at 36k area.
If BTC fails to move back above 28.6k in the next couple of weeks then it is possible to see further rollover and seeking price at one of the lower support points first at 22k or 20k before attempting to break 32k.
I do not see a major breakdown below 15k as things stand, 25k still acting as strong support since it was broken earlier this year to leave the bottoming range.
An important time for BTC now, continuation of this current move back above 28.6k would see momentum across Daily to Monthly timeframes indicating a powerful move. A 3rd attempt to break 32k would likely end it with an impressive break since this area has become so pivotal in June 21, Jan 22 and May 22. A break of it is likely to close any long term short positions giving bulls a chance to run with fib projections into the 40k's with potential resistance at 36k area.
If BTC fails to move back above 28.6k in the next couple of weeks then it is possible to see further rollover and seeking price at one of the lower support points first at 22k or 20k before attempting to break 32k.
I do not see a major breakdown below 15k as things stand, 25k still acting as strong support since it was broken earlier this year to leave the bottoming range.