We tested down to key area on the capitulation candle in March. What a day that was!
The key things I am looking at is that we have flipped a major area of resistance to support and already tested up higher, but got a big rejection on daily. If we can continue closing daily and weekly candles I believe that the 180-200 billion area will be the next big area we have a hard time with. If you wonder if BTC is going to slow down, not a bad idea to have a look at the Total chart to see if we are at resistance. I have seen time and time again the Total work as a gauge for the overall market.
The Buy using UCTS has yet to flip BUY. As you can see it flipped SELL before the capitulation. The indicator on 1D is best at determining the overall trend. The overall trend according to this is still leaning bearish. However, based on other macro factors I believe we have bottomed and it is unlikely to test lower than the green line support shown on the chart. My bias may change if we were to close multiple weekly candles below this level.
The key things I am looking at is that we have flipped a major area of resistance to support and already tested up higher, but got a big rejection on daily. If we can continue closing daily and weekly candles I believe that the 180-200 billion area will be the next big area we have a hard time with. If you wonder if BTC is going to slow down, not a bad idea to have a look at the Total chart to see if we are at resistance. I have seen time and time again the Total work as a gauge for the overall market.
The Buy using UCTS has yet to flip BUY. As you can see it flipped SELL before the capitulation. The indicator on 1D is best at determining the overall trend. The overall trend according to this is still leaning bearish. However, based on other macro factors I believe we have bottomed and it is unlikely to test lower than the green line support shown on the chart. My bias may change if we were to close multiple weekly candles below this level.