Still bullish on Bitcoin
I think we're at a point where bitcoin will start to make a slow climb up to 11.5k.
Why do I think that?
We've got way more daily volume in March than January and February someone or something wants to accumulate bitcoin.
We've crossed a major resistance line (red) and only just successfully tested it as support, If we'd dropped below the major support lines (red) then I'd say we're going lower 5k, 3k maybe more.
The next key indicators of a bull move would be to cross and hold above the 200 day MA as well as getting over the next line of resistance (blue).
If those are surpassed chances are 11.5k is the next stop. I would expect to see some selling pressure and sideways pricing at that point.
I'd start to reverse my opinion if we see the price close below the bottom wicks of the 2 candles with arrows:
This is just how I interpret the chart and should not be taken as financial advice.
Why do I think that?
We've got way more daily volume in March than January and February someone or something wants to accumulate bitcoin.
We've crossed a major resistance line (red) and only just successfully tested it as support, If we'd dropped below the major support lines (red) then I'd say we're going lower 5k, 3k maybe more.
The next key indicators of a bull move would be to cross and hold above the 200 day MA as well as getting over the next line of resistance (blue).
If those are surpassed chances are 11.5k is the next stop. I would expect to see some selling pressure and sideways pricing at that point.
I'd start to reverse my opinion if we see the price close below the bottom wicks of the 2 candles with arrows:
This is just how I interpret the chart and should not be taken as financial advice.
Penafian
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