USD14k resistance retest most likely failed!
We have one (semi) BULLISH trend indicator:
Seems MACD signal line wants to cross up again in the next day or so.
Another NEUTRAL volume indicator:
RSI lingers almost in the middle, seems volume can’t decide and will stay like this until large orders/moves are coming in.
BULL scenario sees bitcoin break...
Scenario #2 was activated!
Indicators
Lower Bollinger Band touched.
RSI around 55, just had a downtrend, hence uptrend more likely.
MACD signal line is sloping down signaling lack of volume.
-> 2 of 3 indicators signal a bounce up , hence the incoming resistance retest is very likely to happen next.
TA Magick
To arrive at forecast date I drew one buy...
Previous 3 day prediction was spot on, let's see what then ext 3 days might bring.
Feels like bitcoin wants to retest USD14k resistance.
Retest pro indicator: daily MACD signal line just crossing over
Retest neutral-con indicator: RSI around 65 is not too overbought yet, but
Retest con indicator: touching the upper Bollinger band signals for a small...
A very rough prediction on how support and resistance levels could behave in the next 3-4 weeks.
Decision week from 2nd to 9th of June, will be break upwards to 10k? If so then most likely not as fast as last week, unless new news like Wholefoods / Amazon adoption will turn up!
Or will the support be too light and crash down to 6200 USD again?
4 weeks will tell!
The previous publication had some dirty lines drawn that's why the date was a bit off, I cleaned it now.
Plotted previous max and min trend lines (since they worked so well) against each other (to simulate cyclical behaviour) and crossed them through the middle (to average them out).
If 5500USD holds for the next 48h the estimated resistance test will occur...
Plotted previous max and min trend lines (since they worked so well) against each other (to simulate cyclical behaviour) and crossed them through the middle (to average them out).
If 5500USD holds for the next 48h the estimated resistance test will occur around 11th of May, one day before Mothers Day lads!
