Bitcoin Broke out of Rising Channel Currently at Resistance
I updated last time that Bitcoin was approaching key levels in a rising channel, good news is that the Bitcoin is just broke out of the Rising Channel to the upside and it is currently sitting at a very strong resistance zone. For now Bitcoin is having some divergence on RSI especially on higher timeframes.
One more thing to look at is BTC dominance, which is very bullish right now and Bitcoin needs to cool down to give Alt Coins some strength.
However, this rising channel has been broke and the retest has been done. What Bitcoin is doing right now is that it is trying to flip the strong 0.786 resistance ($57,400 ish) into support.
Now since we're dealing with one of a very strong resistance It is highly recommended to be very cautious at these levels because we are retesting a strong resistance zone , failing to hold will take us to the area marked as a strong support zone and maybe below it.
Also, Bitcoin has been bullish for so long and we've been moving without testing the supports, so it is okay to be prepared for one.
Bitcoin Price: $57,250
Thank You & Good Luck.
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One more thing to look at is BTC dominance, which is very bullish right now and Bitcoin needs to cool down to give Alt Coins some strength.
However, this rising channel has been broke and the retest has been done. What Bitcoin is doing right now is that it is trying to flip the strong 0.786 resistance ($57,400 ish) into support.
Now since we're dealing with one of a very strong resistance It is highly recommended to be very cautious at these levels because we are retesting a strong resistance zone , failing to hold will take us to the area marked as a strong support zone and maybe below it.
Also, Bitcoin has been bullish for so long and we've been moving without testing the supports, so it is okay to be prepared for one.
Bitcoin Price: $57,250
Thank You & Good Luck.
Give a like and follow :-)
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