BTC 45K Break Coming Soon!!?

Feb 13, 2022

Looking at our BTCUSD on the daily chart we notice that from last time we spoke on this we were looking for a potential breakthrough of the 0.6 FIB level and/or the 45K level, we got rejected after 4 strong wicks up and above here but this could have been expected too, we saw a big run up from our most recent bottom and a little cooloff couldve been expected for PA. Now with that being said it looks like we have seen that full cooloff and we are looking to run back up to 45K. I personally think if we do see a strong push coming from today going forward we have a very good chance of smashing through this level once we get there. Now looking at our bollinger bands we came off the top band after having a significant run up and we are coming back down towards the midline which is support, definitely looking to hold the midline if we do come down to it. Now for other support levels we have tons, we have 40.7K aprx and also double support along the midline of the BB's and if we do by chance break those we have strong support at the 0.7 FIB level. For the Mean Reversion Channel we are still 12% off our mean line (yellow) looking previously we bounced strongly off the orange oversold zone. Now keep in mind one rule with this indicator is that at some point price action comes back up or down to the mean level, now the whole goal here is to make our way above this level so we can start making some higher highs! Now the RSI is looking fantastic we are up and above the very important midline, staying above here returns us back into a confirmed uptrend so holding this zone is very important! We also have strong support coming from the yellow SMA (Simple Moving Average) as an added layer of support other than the midline! Not financial advice just my opinion!