MACD indicates flat momentum!

Updated

After breaking the descending trend line, the RSI now holds above its former resistance-turned-support.
100EMA is working as support.
However, the MACD indicates flatlining momentum with no clear direction. Despite nearing a bearish crossover, we lack momentum for significant short-term movement. Expect subdued price action or sideways movement due to this lack of momentum and a weak trend in either direction.

#Bitcoin #Crypto

Note

The #Bitcoin chart indicates that the price is nearing a potential breakout above the resistance line, which is currently around 62.7K. To confirm a breakout from this potentially significant falling wedge pattern on the daily timeframe, we need to see a solid daily candle close above that resistance. Ideally, this close should be above a previous high, such as the candle close around 64.2K. If we manage to break above $62,700 with a candle close above that level, then we can start to feel much more confident that we're actually transitioning towards a more bullish trend in the short term. In case you're wondering, the support line for this wedge is also around 57.5K and 100EMA as support as well.

In my opinion, it's currently best to wait for confirmation and better opportunities.

#Crypto

Note

In the Bitcoin liquidation heat map, we see liquidity below $60,000 and building above, particularly at 63.5K, 64.4K, and 64.9K. On larger time frames, there's significant liquidity around 67K. If the price surpasses these levels, it could trigger a major short squeeze, leading to the liquidation of billions in short positions.

Note

As expected, #Bitcoin broke out of the falling wedge pattern and is now testing it again. The 100EMA is supporting it. If it tests the triangle successfully, it could mean a bullish trend.

If the price closes inside the triangle, we might see further movement within its boundaries.

Stay tuned for more updates.

#Crypto

Note

"We're taking a look at the daily Bitcoin RSI right now. It's massively breaking out to the upside, and obviously, I've been talking about this basically non-stop over the last two weeks. So first of all, we came back down for a test to confirm that previous resistance introduced support, and then we consolidated above that line of resistance, and now we're continuing the breakout further to the upside. If you're taking a look at the last time we saw a major breakout in the RSI above a decent line of resistance, that was right back in the beginning of February. What came next was a major bullish move in the price of Bitcoin. But if you're looking at the last time we actually saw a breakout and then a retest and some sort of consolidation, and then a further move to the upside in the RSI, it's like what we're seeing at the moment. The last time we saw something like that was back around mid-September. And if you're looking at the Bitcoin price during that time period, it looks extremely similar to right now. We just had a pullback in the price of Bitcoin. We kind of consolidated somewhat sideways for a few weeks, and even over a month, and then we eventually reversed back into the bullish direction from a short-term trend into another bull trend that lasted for a few months."

Stay tuned

Note

#Bitcoin Update

Over the last day, we've witnessed the breakout to the upside that I talked about in my previous update. Since then, we have confirmed a daily candle close not only above the resistance line but also above the previous high, confirming a new higher high in the price action. Therefore, technically speaking, this is now a bullish reversal on the daily timeframe. We've shifted from lower highs and lower lows to higher highs, which, by definition, indicates a more bullish trend. So once again, when discussing the trend or the broader market movement as of now, we are still looking more bullish than bearish.

Stay tuned for further updates.

Note

The daily #Bitcoin RSI is continuing its bullish break to the upside. The bullish reversal from a downtrend into an uptrend in the daily Bitcoin RSI is evident. Obviously, if you've been following my updates over the last couple of weeks, you'll know that I've been discussing this almost every single day. I've been informing you about this bullish reversal signal for the price of Bitcoin in terms of the trends in the daily timeframe.

Now, it's going well.
DYOR, NFA

#Crypto

Note

The daily #Bitcoin chart shows a continuation of the bullish breakout from the falling wedge pattern. The technical price target for this breakout is the top of the wedge, which sits at around $72,000 to $74,000, roughly aligning with the local highs and the all-time high. Currently, we're approximately halfway between the breakout point and the price target for this falling wedge. So, technically, we still have around a 7% move, give or take, until we hit that technical price target.

Stay tuned for updates.
DYOR, NFA

#Crypto

Note

The Bitcoin liquidation heat map shows that the price of Bitcoin is currently in the process of liquidating billions of dollars in short positions. As I've been stating here on the channel, this major area of liquidity around 67.5 thousand will act as a magnet, drawing the price towards that area. However, as I have also mentioned recently on the channel, in the short term over the last one or two days, the big players in the market have been defending the price from hitting that level. But once again, this was only a short-term defense; there's only so long you can stop the tide from coming in.
Once we fully start liquidating that major area, which is happening right now, we could potentially see a further short squeeze to the upside. This is another bullish indicator. Overall, as I've been saying repeatedly here on the channel, I'm still very bullish, especially on the larger timeframe. It's just that in the short term, we can see short-term pullbacks and consolidations during the larger bullish moves.

Stay tuned for more updates

Note

#Bitcoin WEEKLY TIMEFRAME UPDATE

In the weekly time frame, BTC quickly moved up with momentum, forming a bullish engulfing candle and breaking the 65.5k to resistance. A weekly close above $67,000 will be considered bullish for the next week. The ATH level will be nearby, so let's hope for the best.

Stay tuned; I will keep updating.
#Crypto

CRYPTOMOJO_TA

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by CRYPTOMOJO_TA

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