Last week BTC managed to put a beautiful bullish candle on the chart but has not yet been able to flip the Fibonacci extended 3.618 to support. We do see the ESMAs moving up hard with the distance between them remaining the same. The rsi is above the 70 level but below the ema which can serve as resistance. Let's zoom in further for more details.
weekly chart: https://www.tradingview.com/x/RLTyY5KG/
The descending triangle we outlined last week has not played out. Price left the pattern on the upside and shot back towards Fib 3,618. Looking at the ema's we can say that the trend is nicely on track and we can see this in the rsi which is moving above the ema but still below the 70 level. Can we go a level higher? Let's take a look at the 4-hour chart.
daily chart: https://www.tradingview.com/x/cC1Eknhv/
After the white block broke BTC has put a HH, HL, HH and another HL on the chart. It is safe to say that the price is in bullish mode and any subsequent HH will most likely see the Fib 3,618 broken. Also on this timeframe the ema's are favoring the bulls but the rsi is currently still experiencing resistance from the ema. Currently, the rsi is in the process of crossing this bullish as well.
4h chart: https://www.tradingview.com/x/WH7uWp6I/
Conclusion:
The levels I am currently looking at are resistance at 41000 - 41600 should that flip then the road to 50K is fairly open. Support is at 37200 and below that at 33800. If that does not hold either, we will go back to 29200.
