Bitcoin is looking to break above the 20DMA resistance, finally , after dropping below it 1 month ago on 10 May. At today's closing we will get to know if the move is sustainable or not.
Currently Btc is sandwiched between resistance & support levels, moving towards the apex of the ascending triangle(red), a strong move upwards/downwards is due in max 2-3 days.
There's a Resistance confluence region from 8200-8500 comprising of 50fib, DMa's & the cloud.
Bullish bias will increase if today's closing is above 7600 level, then we will have 20DMA & Ts(conversion-line) as support below and if we get confirmation from volume then we can expect a break above the triangle trendline resistance.
On the downside, if we do not sufficient volume to break through upper resistances, then a fall to 6500-6800 region can be expected.
Currently Btc is sandwiched between resistance & support levels, moving towards the apex of the ascending triangle(red), a strong move upwards/downwards is due in max 2-3 days.
There's a Resistance confluence region from 8200-8500 comprising of 50fib, DMa's & the cloud.
Bullish bias will increase if today's closing is above 7600 level, then we will have 20DMA & Ts(conversion-line) as support below and if we get confirmation from volume then we can expect a break above the triangle trendline resistance.
On the downside, if we do not sufficient volume to break through upper resistances, then a fall to 6500-6800 region can be expected.
Comment:
bitcoin finally showing some action, just few minutes before the daily closing. Dropping below the triangle.
