Strong increase in BTC, how will I position myself

By thanaxcrypto | Nesher Trading Club | 15 May 2024

Here's the good news folks!

BTC continues to win today, accumulating an impressive +7% increase in value in a single daily movement. Let's go to the graph.

BTCUSD Graph and Analysis

Points to highlight in the graph:

We see a clear uptrend line that has been broken and widened by the bearish channel.
A bearish channel was formed characterized by descending tops and bottoms.
BTC now continues to operate above all moving averages.

Conclusions

We have pricing that is in an area yet to mature and is testing to break the old upward trend line, which is now working as support for the current pricing. Regarding the RSI, we are not in overbought zones, we would need an RSI above 70.47 (currently RSI 57.73, MA 46.65), but we should keep an eye on the next moves to see how things will unfold.

Note: The content above is for informational and study purposes and is not an indication of investments, purchase or sale of assets. It should not be used for commercial purposes and is not consultancy or advisory content. For more information, contact the post administrator.

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In this blog, I will use as a secondary means of insertion into the crypto world those who are in (Project Nesher), but also in a primary way to everyone in the crypto community who is interested in my content: Financial, macroeconomics, crypto and strategies.