Bitcoin is going sideways.......When can we see a new ATH



The price has risen a bit but is experiencing quite a bit of resistance around the 50K mark. Although the ema continues to run just fine the rsi is showing some weakness. Thus the rsi does not manage to get and stay above the ema but the 50 level offers support for the time being. For more detail we need to zoom in a little further.

daily chart: https://www.tradingview.com/x/68YNa3G1/ 

Here we see a clear sideways movement after the falling wedge has played. The supply zone is currently tested twice. The entire sideways movement the ema's remain in bull position but the strength cannot increase. Currently the price is on its way back to the lower (cheap) part of the range. I would like to see a higher low being set here. The rsi has fallen through the ema and is now looking for support at the 50 level.

4h chart: https://www.tradingview.com/x/Ly0TH8YM/

The first inefficiency block has been filled, but a bit to the bottom there is another one. Whether this one will also be filled is yet to be seen but if that happens an HL can still be put on the map. The ema's are in favor of the bulls and also the strength is gradually increasing. The rsi does stand below the ema and below the 50 level which is more towards the bears than the bulls.

1h chart: https://www.tradingview.com/x/6aAYFAWq/

Conclusion: Longterm and by that I mean as long as we are above 42K I am just bullish on BTC. Shortterm I think the price can still drop a bit. When there is a candle close below the inefficiency block on the 1h, I think it is very likely that the block below it will be filled as well. On the STF we should in any case take care to maintain support at the bottom of the sideways range (yellow) and only when the top is going to be properly broken through and tested can we start looking to set a new ATH.

 

 

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MrCoingrats
MrCoingrats

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Technical analysis by Mr. Coingrats
Technical analysis by Mr. Coingrats

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