Post
--Bullish
Ualifi Araújo
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BullishWe've made some solid progress since the last time I updated the chart for #BTC .
We hit the $79.3K region, which is where we expected some bear reaction, and despite a slight pullback to $77.3K, we're still holding the price pretty well.
The weekend is here, and with that, some sideways action is what we should expect, especially if we can close this current 4-hour candlestick above $77.3K. Once we do that, the $79K level should be hit again at some point on Sunday. Not that it matters too much; after all, the bulls just need to keep the price above $76K during the weekly close to maintain their edge.
To be honest, I would have liked to see a bit more testing in that green zone just below the current price, but we didn't get that. Of course, the bear liquidation was good fuel for a quicker move up, and that shifted the structure a bit, but it still looks very solid.
Even though I'm watching the weekly close and giving it importance, the central focus becomes the monthly close on Friday. The bulls will need a close at $80K for us to definitively start talking about higher prices.
Buying is still being led by spot, so higher prices are more likely, and the leveraged bears will be under pressure.
Nothing has changed:
The strategy remains the same, the same play again: keep the price below resistance while the bears position aggressively at the worst point on the chart, then quickly move up, corner them at the new support, and push the price to higher levels.
We hit the $79.3K region, which is where we expected some bear reaction, and despite a slight pullback to $77.3K, we're still holding the price pretty well.
The weekend is here, and with that, some sideways action is what we should expect, especially if we can close this current 4-hour candlestick above $77.3K. Once we do that, the $79K level should be hit again at some point on Sunday. Not that it matters too much; after all, the bulls just need to keep the price above $76K during the weekly close to maintain their edge.
To be honest, I would have liked to see a bit more testing in that green zone just below the current price, but we didn't get that. Of course, the bear liquidation was good fuel for a quicker move up, and that shifted the structure a bit, but it still looks very solid.
Even though I'm watching the weekly close and giving it importance, the central focus becomes the monthly close on Friday. The bulls will need a close at $80K for us to definitively start talking about higher prices.
Buying is still being led by spot, so higher prices are more likely, and the leveraged bears will be under pressure.
Nothing has changed:
The strategy remains the same, the same play again: keep the price below resistance while the bears position aggressively at the worst point on the chart, then quickly move up, corner them at the new support, and push the price to higher levels.