BitcoinLong
Now testing March ATH, positive momentum
On Monday, after several rejections (see attached ideas), BTC finally blasted through its 50 sma and its descending bullish channel resistance, but it is has been rejected in the last two 8H candles at the important level of 58354, which is a previous ATH from March 21 (yellow line). Since this date, this level has been at the end of wicks or closes on 8H candles in 7 instances, so it is clearly regarded as an important level by the market.
The current 8H candle closes at 0800 UST (0400 EST), and this and the next few 8H candles should be watched closely for signs of failure or breakthrough through the March ATH. After a breakthrough, we could approach and/or surpass the previous ATH of 61700.
Momentum is favoring BTC, and the uptrend is continuing, with local support at the 50 sma of 56429 and below this, the channel's upper support of roughly 55720. However, I would like to see BTC moving up on higher volume, which is also an indicator to watch.
The current 8H candle closes at 0800 UST (0400 EST), and this and the next few 8H candles should be watched closely for signs of failure or breakthrough through the March ATH. After a breakthrough, we could approach and/or surpass the previous ATH of 61700.
Momentum is favoring BTC, and the uptrend is continuing, with local support at the 50 sma of 56429 and below this, the channel's upper support of roughly 55720. However, I would like to see BTC moving up on higher volume, which is also an indicator to watch.
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