Price broke out of the previous range / consolidation and is bouncing off the broken resistance level that turned into support.
Next we are heading to a retest of the 270 resistance area.
Volume confirms the breakout and MAGNUS Cycles indicator gave a buy signal, too.
RSI is hot but not yet overbought, allowing for more upside action to unfold.
A break of the purple log downtrend line seems very likely. Although many consider the break of this line as the end of the downtrend in Bitcoin, I do think there is a more appropriate line to make such a conclusion, namely the green "log downtrend ceiling" line. Zoom out on the chart to see where it comes from.
Expect profit taking around 262-270. Once this resistance breaks, 300 is the next logical step.
If resistance at 270 proves too strong a retest of 240 is very likely.
Make sure to check out my other charts that I linked bellow.
If you have any questions feel free to leave a comment.
Good Luck !
Next we are heading to a retest of the 270 resistance area.
Volume confirms the breakout and MAGNUS Cycles indicator gave a buy signal, too.
RSI is hot but not yet overbought, allowing for more upside action to unfold.
A break of the purple log downtrend line seems very likely. Although many consider the break of this line as the end of the downtrend in Bitcoin, I do think there is a more appropriate line to make such a conclusion, namely the green "log downtrend ceiling" line. Zoom out on the chart to see where it comes from.
Expect profit taking around 262-270. Once this resistance breaks, 300 is the next logical step.
If resistance at 270 proves too strong a retest of 240 is very likely.
Make sure to check out my other charts that I linked bellow.
If you have any questions feel free to leave a comment.
Good Luck !
