Hi all. Some time no see from me but here I am again. First of all what a week from BTC wow, but a perfect price action follow from it. Into the next couple of analysis i`ll show you the needed steps 1 by 1 from BTC to reach the next ATH. But let`s start from the mid-term situation (chart 1).
First we`re back into the triangle which we`ve broke down in the beginning of March. Let`s see where we`ll break it now.
Secondly we`re back above the 50 weekly SMA. Another bullish signal.
Third, PSAR also turned bullish.
Fourth, we`re way above the weekly pivot point ($7405.39) – bullish. This is for the 7th consecutive week and also we have 7 consecutive green weeks. That`s something we didn`t saw from February 2019, the start of the 14K run. Isn`t that bullish?
Fifth, we`re back above the 200 daily SMA. All that 5 facts makes me super bullish!
Actual support and resistance:
1st support - $8500 - 50% Fibo and VPVR profile
2nd support - $7800 2.
1st resistance - $9500-9800
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH. This in short is the mid-term look – BULLISH.
Now let`s see the first step from the long-term ATH scenario. (chart 2)
A very simple monthly chart. The only indicator here is the 21 monthly EMA. Like you`ll see every time when we`re above it we`re going up. Yes, in March we went below but in April we`re not only get back above it but the April`s candle fully recovered the March one and even a bit more. Like I said that`s the first needed step for the long-term bull run and even the next ATH. What`s the others? You`ll see into the next analysis.