Sunday Updates - BTC broke 40k
Price action wise, we broke that solid 40k level and we've been ranging since then. This is the main reason why I think movement is going to define at the start of the next week.
I personally believe that a consolidation is coming first, maybe not to 33k as I've been calling, but 40k seems like a nice level to retest and continue the rally that we started at the 33k low. That's because we have some good confluence: the yearly VWAP (blue line) and a low volume node. If we reject that level, bullish strength would be enough to push price higher it a short period of time. If we don't, I think that 38.4k (the weekly PoC) is the lowest level we have to respect in order to keep this rally.
Lastly, if we don't retrace, I wouldn't expect a long continuation of this trend, and we might actually get a bigger pullback.
I personally believe that a consolidation is coming first, maybe not to 33k as I've been calling, but 40k seems like a nice level to retest and continue the rally that we started at the 33k low. That's because we have some good confluence: the yearly VWAP (blue line) and a low volume node. If we reject that level, bullish strength would be enough to push price higher it a short period of time. If we don't, I think that 38.4k (the weekly PoC) is the lowest level we have to respect in order to keep this rally.
Lastly, if we don't retrace, I wouldn't expect a long continuation of this trend, and we might actually get a bigger pullback.
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