Until unless, market breaks the 30,000 usd mark, we are still bullish on the longer term on BITCOIN. The RUSSIAN UKRAINE pressure might add a scaling factor on BITCOIN to further go up!

After bottoming out at the support, bitcoin started rallying up, forming higher highs and higher lows on H4 and H1. The strong resistance on the daily where the market stands currently, is a strong foothold which might give a tough time to break. Apparently, the price action is dictating the bullish momentum forming on the resistance level which brings it to the verge of breaking out of the resistance. Once broken, we will simply take the retest long position on Bitcoin. As the price action is forming bullish momentum and engulfing candles, we tend to see the breakout buy for the resistance and continue up. On the left hand side, we also see a clean traffic with clear candles.

Fan trendline pattern has been formed on the bitcoin. It means, the same pivot point has three different elevations at different price points, which have been broken out and the last one is about to be broken out. This gives us a good confirmation for the bullish heads up on bitcoin. The earlier breakout buys have been validated by the breakout buys.

We are eying the 61.8% in confluence with the support level to go long on this stack. This should act as a demand area for the liquidity grab for the bitcoin.

EMA 50 just broke out for buys and is being retested by the resistance turn support. This support is in confluence with the EMA 50. On the upper side, we have a EMA 200, which needs to be breached once the resistance is broken.

Both the oscillators are in a bullish region. RSI is at 47 and CCI at -63. The oscillators are escalating fast towards the over bought zone as the momentum on bitcoin price action is building. At the current support level, we have room for both the oscillators to tap their over bought regions, hence, high chances of oscillators to reach their exhaustion points.

Bitcoin would rally towards the 50,000, once it leaves this zone of 45,000. The resistance zone would be our take profit area.

Trendline fan breakout buys

Mar 18 2022

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