BTCUSD - Bears Out of Steam, Bulls Need Outlast Options Expiry

27 thg 6, 2021

Following another pump after yet another BTCUSD dump after more FUD, we can see that the bears are running out of steam, and it's very apparent that large limit orders are lined around the 30k region. Moving forward, I'm looking to see more bullish divergences building up in the M15, M30, H1. We had a critical break of bear trend line. But as we all know, price has an oscillating nature, and is not likely to head straight up from the current resistance level but to wave down and up. The next crucial price level is the 35K region. There is some likelihood of yet another bear trap at around 28k before the upward progression.

BTC Options are expiring end of month which is still a few days from now. Breaking above 35k sooner than that would likely put off any further selling pressure. Bulls are safe within 28k and 35k.

Beyond 35k, we're looking at 42k and a bullish break up from the broadening wedge on D1.