wbburgin

wbburgin

Today's relief rally to $28,500 needs confirmation on both sides before we can see the broader picture. BTCUSD is currently making lower highs in a distinctive consolidation pattern, with tremendous support at $26,600 and multiple (failed) attempts to create higher highs. Here are some of my observations for both the bulls and the bears and I'll leave it for you...

wbburgin Updated 

Bitcoin's one-hour trend is showing the exact same downslope (degrees change with chart resolution, but the relative lines stay the same) as the chart demonstrated mid-April. This may indicate more trying times to come, at least in the short term. The make-or-break is still $27250. A fall below that critical support level might trigger a more prolonged...

wbburgin Updated 

Bitcoin has been rejected off the 30K level three times in the past week. A wedge between the 100-hour volatility MA and this upper ceiling has continued to narrow as Bitcoin oscillates within. In the next couple hours, closing hourly under the 29250 MA may drive Bitcoin down to the next level of support, the consistent 27250. Using the volatility MA as support...

wbburgin

Bitcoin is facing a critical resistance level in its path upwards - $24,400. Let's look at previous bear markets to see what the most likely scenario might be for its price action. The resistance level I'll be looking at today is a 1000-period geometric median (from now on, Q2) calculated from resistance in each candlestick's body/wick. This is the lower quartile...

wbburgin

A continuation of upwards momentum for Bitcoin is more likely than any capitulation to the downside. BTC is drawing support on the one hour timeframe from the 21500 resistance line, which developed in the aftermath of the FTX debacle and was confirmed upon this month's upwards price action. We saw the same resistance line rejecting Bitcoin's price on January...