On the weekly scale as long as BTC can hold above 59K and change, we will see yet again another all time high on the weekly closing basis. But this time around the move is looking to be just starting. Price is reaching the apex of the ascending triangle and prime to break out. If I draw out the Bollinger band top line at the trajectory it's in and match it up with the apex of the triangle that projects out the time this move can play out. Coincidentally if I measure the the width of the triangle from the mid Feb low and take a measured move on the top of the triangle, it also puts the target at the topside of the projected Bollinger band. So what does it mean? Not much technically, but puts a target and a timeframe in mind. In the last two all time high close, price immediately retraced. If this time price gets a volume support to get going, the target can be achievable. Since the Feb low, it is making a higher low structure in the RSI along with the price. So, if price is about to make a higher high, we need to keep an eye on RSI to also make a higher high. Otherwise there will be yet another negative divergence on weekly RSI. Last divergence took price down about 25%. Consecutive two cases will be even nastier. For that to confirm, price needs to close below 50k on the weekly closing basis. So, until that comes to play, I will be keeping my eyes to the sky. Good luck out there.
Komen:
About the RSI divergence, one thing to note here, after the bearish divergence was confirmed and price took a dive 25%, couple of weeks later the bullish divergence was confirmed and price got pulled back up to where it got left off. So, at this point a new structure is being built. If RSI doesn't make a higher high from March high as price makes a new high, we will be looking for troubles in the water in the short to mid term. Then again all depends if the weekly closes at the all time high again.
