BTC broke up the resistance level and as mentioned before, made a local top. (see the link below):
the main question is: is this a real breakup or this is a trap (upthrust)? To answer this question, wait for the pullback to the resistance/support level.
All momentum indicators are now in the overbought zone (in daily timeframes). This means that there is probably a local bottom ahead. This is the potential pullback that is ahead. But where this local bottom is placed is decisive.
If Bitcoin (local bottom) remains above the support/resistance level, this is a confirmed breakup. If it returns again into the range area, it is probably an upthrust and there is a possibility of breakdown on the other side.
the main question is: is this a real breakup or this is a trap (upthrust)? To answer this question, wait for the pullback to the resistance/support level.
All momentum indicators are now in the overbought zone (in daily timeframes). This means that there is probably a local bottom ahead. This is the potential pullback that is ahead. But where this local bottom is placed is decisive.
If Bitcoin (local bottom) remains above the support/resistance level, this is a confirmed breakup. If it returns again into the range area, it is probably an upthrust and there is a possibility of breakdown on the other side.
For more of my on-chain analyses, visit my CryptoQuant profile:
cryptoquant.com/profile/u/CryptoOnchain?tab=quicktake
cryptoquant.com/profile/u/CryptoOnchain?tab=quicktake
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
For more of my on-chain analyses, visit my CryptoQuant profile:
cryptoquant.com/profile/u/CryptoOnchain?tab=quicktake
cryptoquant.com/profile/u/CryptoOnchain?tab=quicktake
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.