#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.


  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.

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