Hello, everyone!
As I told you yesterday I opened the long trade because of the strongest bullish divergence on the 4h timeframe. Today we can see the weak upside movement. Moreover there are a lot of resistances and selling pressure right now on the Bitcoin price chart, but I suppose that it is not the case of the true price weakness.
The price and volume spike which we saw in my experience always lead to further price increase despite it seem like the sellers are pushing price to the downside. We can see that the price is breaking through the local Fibonacci golden pocket and 1h countertrend line. This is our first resistance before the final $44k price target. I think that this breakout will be confirmed. The next resistance is more serious – the 4h countertrend line and local high level. If we see the breakout of this level, $44k is almost guaranteed. Let’s wait.
Good luck!
