Hi Everyone
Today a (very) technical analysis on Bitcoin.
The Phoenix Ascending in the 3D almost pointed towards us reclaiming $39500. However, by looking at the 1D timeframe, we can see that we're running out of momentum after the bounce on the parallel channel. This could lead to range trading between the parallel channel and the basis of the BBands (roughly $39700).
From a microcycle perspective, it is a good sign that we are consolidating for an extended period right under the resistance ($40K). This could indicate that there is sufficient buying pressure on lower levels matched with a sell-wall at $40K. You could compare this to a coiled-up spring!
Check out our channels for great additional content.
Best Regards
Ev
Today a (very) technical analysis on Bitcoin.
The Phoenix Ascending in the 3D almost pointed towards us reclaiming $39500. However, by looking at the 1D timeframe, we can see that we're running out of momentum after the bounce on the parallel channel. This could lead to range trading between the parallel channel and the basis of the BBands (roughly $39700).
From a microcycle perspective, it is a good sign that we are consolidating for an extended period right under the resistance ($40K). This could indicate that there is sufficient buying pressure on lower levels matched with a sell-wall at $40K. You could compare this to a coiled-up spring!
Check out our channels for great additional content.
Best Regards
Ev
