From our past Bitcoin post we have been outline the importance of the $120k level (yellow key level).
This level has acted as resistance with no daily candles being above to close above it for the past couple weeks. However today we just closed the 1st daily candle above $120k!
This is a very good sign as it is our first of two confirmations we need to see another run at the ATH. We need a second daily candle above this key level (to confirm it as support) or better yet get a daily close above $120.4k (which is the 1.618 of our last swing).
If we see the confirmation tomorrow then our extension move from the current move would be right around $130k.
However if we fail this break and close back below tomorrow, then this would be a failed break and yet another rejection from $120k. This seems less likely but keep this in your playbook as a potential scenario.
This level has acted as resistance with no daily candles being above to close above it for the past couple weeks. However today we just closed the 1st daily candle above $120k!
This is a very good sign as it is our first of two confirmations we need to see another run at the ATH. We need a second daily candle above this key level (to confirm it as support) or better yet get a daily close above $120.4k (which is the 1.618 of our last swing).
If we see the confirmation tomorrow then our extension move from the current move would be right around $130k.
However if we fail this break and close back below tomorrow, then this would be a failed break and yet another rejection from $120k. This seems less likely but keep this in your playbook as a potential scenario.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.