As promised, this chart outlines the key levels to watch for locally, both supports and resistance. Note that this is a 4 Day chart so if you are day trading, you may want to drop to lower timeframes to look for other key levels, points of control, moving averages, etc.
As always, keep an eye on that 12h 20 EMA (around $52-53k) too, I expect that to get retested at some point, and if we see a near term correction or volatility , watch how Bitcoin responds to it; losing the 12h 20 EMA often leads to more sizeable corrections, often double-digits below the EMA .
Everything else is labeled in the price bar to the right, so I won’t list it here. Obviously are super important level to break is the ATH around $64.8k.
As far as on-chain data:
- Bearish: the sheer amount of traders in-profit right now is .. well almost everyone. 99% have unrealized profits from what I read earlier. That is almost a recipe for a selloff, but we see investors are more stubborn this time around, and waiting for a new high it seems. However if we were to see whales or some new institutional players try to trigger a selloff or a squeeze, we might see more of the market capitulate quicker than usual to lock in profits here.. which of course fuels larger drops.
- Neutral: netflow and exchange reserves so that selling is largely being picked up and we see a generally neutral netflow over the past week.
- Bullish: miners appear to still be largely hodling, and as smart money that suggests to me that they expect notably more upside because they usually take profit early.
Most Related Links :
todayuknews Governmental News Finance News