BTC/USDT pair showing nice confluence of metric.

15 thg 4, 2022

BTC is at an interesting place at the minute. Here's a daily chart showing a nice oscillating upward trend following a huge drop from 67525.00 way back in Nov 8th of last year, finally hitting resistance at 35000.00 on 22nd Jan. Price action has been kept within a nice channel and has just hit resistance at 40000.00 and is a smidge over that figure today 16th April. At the initial bounce 3 days ago price action was outside the lower bollinger band, at the aforementioned resistance level, which is almost exactly at the junction of the lower channels line, combined with the stochastic being oversold, the RSI being close to oversold and a lagging MACD showing the apex of the parabola formed by the lower histogram has been passed indicating the trend moving on up. Now unless some crazy fundamentals make all this moot, I'd wager by the 29th Apr price hits resistance at 50000.00 which is conveniently where the upper line in the channel intersects.

Will it be nice and adhere perfectly to a bunch of lines drawn on a chart? It just might? Either way it's getting to 50000.00 one way or another. That's a 20% increase approx from today. Not too shabby aye?