Grand Rising Traders,
We may be onto something here as the charts are flashing signs of an emerging bullish momentum. At 10:51 am on this Thursday, May 30th, it appears we're gearing up to make a run towards retesting the pivotal 70k profit point.
After bouncing off the newest consolidation line, price has sliced through the old consolidation area as well as that stubborn resistance zone that had stifled our previous three attempts to break higher. On this fourth try, we seem to have mustered enough strength to puncture through.
If this trajectory continues, we could feasibly tag the 70k level before this hourly candle concludes. However, I am anticipating some selling pressure or resistance to manifest as we approach that psychological threshold. Traders who have been trapped below may instinctively book profits, potentially capping our upside, at least temporarily.
I may even have to adjust the resistance box above 70k, as the last formidable supply barrier still looms large overhead. We haven't cleared that hurdle since...well, it's been quite a while. Not going to dig through the archives right now, but you veterans know what I'm referring to.
Promisingly, both the impulse and regular MACD have flashed bullish crossovers, which preceded this nascent uptrend developing as we speak. While the momentum isn't explosive yet, the setup is there for further continuation if we can attract robust volume. We're in an uptrend, no doubt about that. But we desperately need an influx of buying pressure to propel price through that 70k psychological barrier.
Should we surmount that level, there could be another wave of profit-taking around 75k from the stubborn sellers. Hopefully, those traders have grown weary of being trapped under 70k and will allow a clean breakout this time. That could open up a retracement of the entire range we've been stuck in, but playing out above the 75k equilibrium instead.
In any case, I'll check back in tomorrow to assess whether this bullish momentum was able to flourish further or if it fizzled out prematurely. Until then, stay blessed fam.
Peace!
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