Been awhile since i did some technical analysis (TA) because i feel the market for BTC is still very much dependent on news and factors like regulation & government interventions etc.
But as the asset reach maturity, TA will become increasingly more relevant.
BTC rallied from approximately $40,800 and peaked at $56,170 before stabilizing now between the $55,600 to $53,700 zone approximately. If BTC breaks resistance at $56,170, high chance it will reach $60,000.
But if it breaks below $53,735, might reach support at slightly above $50,000 which would be a good buying zone. Despite China aggressive regulation on cryptocurrencies, market still rallied so thats a good sign. Main reason why it rallied is because SEC Chief says the US won't ban cryptocurrencies and this itself is huge because U.S. has one of the biggest investor pool for cryptos.
