After a lot of excitement all around the interwebs seeing BTC close to it's ATH, we still haven't broken through the daily supply zone but we're very close.
What can we see?
-Bullish market structure
-Multiple demand zone formed one after another
-Huge cup and handle chart pattern ( I did not draw it out but it's easy to see so I hope you see what I see. If not I will chart it)
-Price is above 3 large volume nodes
-Golden cross on the daily (50MA crossed the 200MA, I use MAs on HTFs)
-If you looke at the other charts, BTC dominance is pumping and the total crypto market has a large cup and handle pattern of it's own.
What else can we see?
Something that does concern me is...
-We're still at a crucial supply zone. I'm not a scalper or intraday trader, so you might be more comfortable to be in and out of the market but I personally wouldn't hold a long position here at this stage until we break through supply
-RSI is showing bearish signs
-Volume is not picking up. If you zoom out and look, you will see that volume, relative to where we were when a new ATH was registered, volume is slanting. Average volume is also decreasing. Maybe it's because many are simply holding and taking their coins off the exchanges and nobody is willing to sell further because everyone wants to see BTC go higher? Maybe. I dunno. I'm just looking at the charts.
In summary:
There are more pros than cons but it's still worthwhile to consider the cons. It all depends on this current level we are at.
What can we see?
-Bullish market structure
-Multiple demand zone formed one after another
-Huge cup and handle chart pattern ( I did not draw it out but it's easy to see so I hope you see what I see. If not I will chart it)
-Price is above 3 large volume nodes
-Golden cross on the daily (50MA crossed the 200MA, I use MAs on HTFs)
-If you looke at the other charts, BTC dominance is pumping and the total crypto market has a large cup and handle pattern of it's own.
What else can we see?
Something that does concern me is...
-We're still at a crucial supply zone. I'm not a scalper or intraday trader, so you might be more comfortable to be in and out of the market but I personally wouldn't hold a long position here at this stage until we break through supply
-RSI is showing bearish signs
-Volume is not picking up. If you zoom out and look, you will see that volume, relative to where we were when a new ATH was registered, volume is slanting. Average volume is also decreasing. Maybe it's because many are simply holding and taking their coins off the exchanges and nobody is willing to sell further because everyone wants to see BTC go higher? Maybe. I dunno. I'm just looking at the charts.
In summary:
There are more pros than cons but it's still worthwhile to consider the cons. It all depends on this current level we are at.