#BITCOIN $BTC Almost Bullish, But… 03.06.2021

$BTC closed today above 8 EMA for the second time and it looks like it is gaining some momentum. However, as damage was done on the monthly and weekly, a recovery also needs to be confirmed on these time frames. Let’s look from the different angles.

Musings:

  1. For an established trend, the price needs to close at least above 20 EMA, better above 200 MA. These lines, ~40000 and ~41500 would be strong resistance.
  2. From the candles perspective, the next step is to clear the weekly barrier. If Saturday closes above 40750, it would make a bullish engulfing and I would expect at least one week of higher prices.
  3. The weekly technical indicators (chart below) does not seem to support a reversal yet. However, there are two more days and some changes could happen.
  4. The triangles/pennants that I shared before are not broken yet for BTC and ETH. Worth watching as well.

As soon as a triangle/pennant boundary is broken through, we would have a direction, at least for a short term. So far, a significant bearish pressure from the monthly and weekly frames.

  1. If the triangle is broken up, the next target zone – 39000-41000.
  2. If the triangle is broken down, min target – 25000-20000, then 9000.

In summary, I am waiting for Saturday’s closure to provide more clarity about the longer term direction.

If you find the content beneficial, follow the blog @InvestingAngles or subscribe by email.

Latest $BTC Weekly:

Latest $BTC Monthly:

%d bloggers like this: