Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Good morning Wall Observer guy 
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An Ascending triangle is governing support and resistance lines.
Support= 5070
Resistance= 5350
Bullish Scenario:
Weekly and Monthly resistance levels are sitting at the 5350 range. If we close a full daily candle above 5350. I would expect a measure move up to 5700. With another potential leg up to 6000.
Bearish Scenario:
If we close a full daily candle below 5070. I would anticipate a measure move to the 4500 range.
The rsi on the weekly has crossed the upper critical zone for the first time since 2017. The NVT signal is flashing red (sell) which has called every bitcoin top since its inception. Also we have been rejected now twice from the monthly and weekly moving averages.
Please keep in mind we are still on a down trend from 2017 until we break 6700. The bulls are creating a trade zone for us to choose a side. Longs are over leveraged 24k to shorts 19k. With a slow down turn in the altcoin momentum I would trade any leveraged moves cautiously.
Support= 5070
Resistance= 5350
Bullish Scenario:
Weekly and Monthly resistance levels are sitting at the 5350 range. If we close a full daily candle above 5350. I would expect a measure move up to 5700. With another potential leg up to 6000.
Bearish Scenario:
If we close a full daily candle below 5070. I would anticipate a measure move to the 4500 range.
The rsi on the weekly has crossed the upper critical zone for the first time since 2017. The NVT signal is flashing red (sell) which has called every bitcoin top since its inception. Also we have been rejected now twice from the monthly and weekly moving averages.
Please keep in mind we are still on a down trend from 2017 until we break 6700. The bulls are creating a trade zone for us to choose a side. Longs are over leveraged 24k to shorts 19k. With a slow down turn in the altcoin momentum I would trade any leveraged moves cautiously.