Bitcoin Daily Bullish CUP pattern but with resistance coming in
Please excuse the number of lines here but this is my working chart and I am short of time but I wanted to share this.
Bitcoin Daily has printed a Bullish CUP and is back on the Rim but we have still to reach the edge of the Cup, which is expected around 15th May, 10 days. When PA entered thhis Cuo, it also ranged sideways for a while.....
Something that PA has to face in the near future is that red 236 fib circle. And PA may be already reacting to that.
Look to the left and see what happened last time we hit a red 236 fib circle.
I think we are in a stronger position this time though but a Drop to the Long term rising trend line is a very real possibility
That is around 92K - > 87K -Not a Major drop and it would actually play into the Bulls hands by resetting the Daily MACD that is already beginning to turn slightly Bearish
This is NOT a reason to PANIC or Sell but is more an opportunity, maybe the last one, to Buy BTC at around this price.
I think a drop back down to the 2.272 Fib extension at 77K is highly unlikely but we should have a plan should this happen.
We do have the DXY support group, sorry, THE FED announcing the Next decision of Rates on 7th and it is very likely that PA will Drop till then, slowly hopefully, resetting the MACD as previously mentioned, and then push through that 236 Fib circle after the continued Freeze on Rates is announced.
We have to wait and see......
