At this point, many people are already looking for a retrace but here is my theory as to why I think we can go straight up.
First, it is the same signal I mentioned just two days ago with the bars.
We are starting to see , finally, but it is still low...
The whales, exchanges/miners/billionaires and institutions still have plenty of more power to continue pushing prices up.
The is still relatively low, signaling that there is room left available for more.
Now, (Second), everybody had more than 2 months and multiple times to buy below $31,000/$30,000...
We only have wicks below this level but that's about it.
If the Bitcoin prices was looking to go lower, then it wouldn't push up the way it is doing it today. We would see low steady growth rather than a full week of green.
Now that EMA300 and EMA50 have been conquered there is no reason to move back down since the support has already been tested and it is really strong.
With the support out of the way, we look at challenging the resistance levels next.
Finally, look at the action from 12 to 19 May and the huge red bar on the 19 May.
We should look for something similar but inverse.
consolidation (consolidation while prices move higher) followed by a strong, high , push upwards... This candle should hit $44,440 or higher at $49,000.
This can all happen very quickly in a matter of days... In theory.