Bitcoin just went berzerk on the bullish side, denoting a bullish trend and momentum, forming the higher highs and higher lows. Now that market is staging at the resistnace level of 31000, it needs to retrace back at the price point of 29900. This will be our long position area.

The descending trendline has broken out for buys, which means, there is a confirmation of the bullish sentiment further more.

The retracement level is in confluence with the support level, although the minor support. The retracement level is at 61.8%.

EMA 50 has broken out for buys. At the retracement or retest, we will see the EMA retesting along with the support and retracement levels.

RSI is at 45. It needs to rbreak the 50 level and then retest it. From there, we will be aligning the technical factors.

Bitcoin ranging for an impulse up

Jul 08 2023