Bitcoin (BTC) launched after a breakthrough from the rising triangle throwback. Which is exactly the price action I warned about for a few days. I can’t see into the future, but a throwback with subsequent testing of the punctured structure is something that happens very often. Therefore, this is not complicated to understand. In any case, nothing on the market is changing, the context is still bullish at least for now.
Current situation at 1D BTC / USD
I dealt with it a lot on yesterday’s stream, where I just explained why it’s good to count on breakbacks after breakthroughs. Considering the lower time frames, consolidation looked like S/R level $ 47,000 as a regular correction. However, from the perspective of the daily chart, we were able to observe negative reactions to the contact with 200 days moving average. We could watch very similar candles at the previous local peaks.
That’s why I’ve warned in previous textual analyzes that there are some signals that bitcoin wants to test the top edge of that much-crushed graphic design. These signals eventually came true, which everyone now sees in the chart ahead.
Naturally, therefore, it is crucial that the bulls maintain those levels around $ 45,500. The previously mentioned edge acted as resistance, so now from it can be a reliable support. And indeed, on the edge of the course, it responds positively. But I would at least wait for the daily close. It is still early enough that the edge selling pressure has withstood.
In any case, the upper edge must last, otherwise the situation will turn around again. Unfortunately, the stock market began to weaken significantly. Bitcoin logically takes it with him. If the course returns to the pattern, we would have to reconsider the whole situation.
Indicators
At the daily RSI, we rebounded from the border 70 points. This is rather a negative signal, but on the other hand, a slight rejection at the border level is nothing special.
In conclusion
Since March is over, we have a monthly close behind us. But I intentionally keep this for Sunday video analysis, where there is much more room for comment. So no panic yet, because the medium-term context is still bullish.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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