2021-03-25 14:05:56
$BTC updates || Price 52,879 (1.22%)
Trade setup Price made a false breakout through $60K resistance area and is now likely to revisit $50K support, which could be a good opportunity for traders before BTC makes another run at $60K.
Trend: is in a Strong Uptrend across all time horizons (Short-, Medium- and Long-Term). The Uptrend is clear when observing price making Higher Highs and Higher Lows, textbook definition of an uptrend.
Momentum turned bearish recently (MACD Line below MACD Signal Line), which suggests we could revisit $50K support. RSI remains above 50 (bullish) but declining, also indicating weakening momentum.
OBV (On Balance Volume) is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium.
Support and Resistance Nearest Support Zone is $50K (trendline), coinciding with SMA 50, which the price has respected in its uptrend. Closest resistance is at $61K, which it is likely to attack again soon. Fibonacci levels are $48K (78.6%) and $38K (61.80%).
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