BTC - Post Inauguration Chart
This is a continuation post to our previous that can be found here:
Now that Trump has been inaugurated what are the charts trying to tell us. Well what we can see from our previous post is we broke the resistance level we were mentioning, rand back to the highs, got rejected again at the 108k level, and the came down for the retest.
The first thing to take note of is the liquidity grab that occurred below the 90k level. When key lows are broken lots of stoplosses are triggered. This creates a bunch of liquidity that the whales were able to scoop up quickly and push us back in the pattern. This is what gave us the momentum to start propelling to our upper trendline.
Now we have seen a breakout of our upper trendline and a retest (red & green arrows). This is showing very bullish signs of continuation that could lead Bitcoin toward the 120k level (1.618).
It is possible to see a wick down to the $96.5-97.4k level, but as long as we see daily candles continue to close above our upper trendline the momentum remains to the upside.
Now that Trump has been inaugurated what are the charts trying to tell us. Well what we can see from our previous post is we broke the resistance level we were mentioning, rand back to the highs, got rejected again at the 108k level, and the came down for the retest.
The first thing to take note of is the liquidity grab that occurred below the 90k level. When key lows are broken lots of stoplosses are triggered. This creates a bunch of liquidity that the whales were able to scoop up quickly and push us back in the pattern. This is what gave us the momentum to start propelling to our upper trendline.
Now we have seen a breakout of our upper trendline and a retest (red & green arrows). This is showing very bullish signs of continuation that could lead Bitcoin toward the 120k level (1.618).
It is possible to see a wick down to the $96.5-97.4k level, but as long as we see daily candles continue to close above our upper trendline the momentum remains to the upside.
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