Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Seeing some short-term resistance from the bearish sloping 200 MA on 4hr chart. Doesn't look that problematic, but is currently rejecting $51K+ levels for now at least:
$49K is starting to look like a confluence of strong support if $50K doesn't hold in the short-term and price get's rejected at current levels. The 50 MA is rising bullish and moving above the VPVR point of control. There's still fear in the market so remains a good dip buying opportunity, but since the move above $50K people seem to have lost their patience, instead wanting to buy into a break-out it seems, as opposed to waiting to buy dips. Despite having nearly 3 weeks to buy sub $50K levels, many were waiting for lower lows and now buying $50K+ levels it seems.
Needless to say the weekly close confirmed the bullish macro-trend remains in tact with a bullish engulfing candle, and was never affected by short-term price action anyway. No doubt why many did bother to buy sub $50K prices. While a re-test of $48.25K, where the 50 Week MA lies remains more than possible, or the 200 Day MA @ $47.6K, given the strong close last week both possibilities are starting to look less likely. Like many others have pointed out, it's starting to look like the July lows. All that is left is for some volume for bullish follow through, now the bearish weakness has confirmed itself.
With last weeks candle I'm starting to consider $53K as being weaker resistance than previously expected. The short-term resistance trend-line is starting to look irrelevant, and chances of a break-out to the $54K-59K distribution zone is looking more probable, depending on how much volume arrives. Breaking above the 50 Day MA around $54.5K without so much of a re-test in the near term is relatively common in marco bull markets when the short to mid-term changes from bearish to bullish.
Something tells me January is going to be a good month, and most of 2022 even better, until then price might stagnate a bit. Likewise if the year closes below $48K support, price might be in trouble.
$49K is starting to look like a confluence of strong support if $50K doesn't hold in the short-term and price get's rejected at current levels. The 50 MA is rising bullish and moving above the VPVR point of control. There's still fear in the market so remains a good dip buying opportunity, but since the move above $50K people seem to have lost their patience, instead wanting to buy into a break-out it seems, as opposed to waiting to buy dips. Despite having nearly 3 weeks to buy sub $50K levels, many were waiting for lower lows and now buying $50K+ levels it seems.
Needless to say the weekly close confirmed the bullish macro-trend remains in tact with a bullish engulfing candle, and was never affected by short-term price action anyway. No doubt why many did bother to buy sub $50K prices. While a re-test of $48.25K, where the 50 Week MA lies remains more than possible, or the 200 Day MA @ $47.6K, given the strong close last week both possibilities are starting to look less likely. Like many others have pointed out, it's starting to look like the July lows. All that is left is for some volume for bullish follow through, now the bearish weakness has confirmed itself.
With last weeks candle I'm starting to consider $53K as being weaker resistance than previously expected. The short-term resistance trend-line is starting to look irrelevant, and chances of a break-out to the $54K-59K distribution zone is looking more probable, depending on how much volume arrives. Breaking above the 50 Day MA around $54.5K without so much of a re-test in the near term is relatively common in marco bull markets when the short to mid-term changes from bearish to bullish.
Something tells me January is going to be a good month, and most of 2022 even better, until then price might stagnate a bit. Likewise if the year closes below $48K support, price might be in trouble.