Suddenly, then all at once.
What a weekly candle! Bitcoin broke through the 200 MA, key resistance at $28,600 and then engulfed the last 2 full months of price action. This was the highest weekly close in over a year, meaning price also made a new high and confirmed the higher low that we were watching and expecting around $25,000.
As I said, I was looking for one “trade” in the past few months, which was that retest of the $25,212 area. I went in heavily and am sticking with it.
Assuming you are also bullish, a retest of the $28,600 area looks like a potentially good entry if we see some retracement. There was a ton of bearish divergence with overbought RSI on lower time frames.
Altcoin Chart
There is a ton of local resistance in the current area, and Ethereum is struggling to break it. Some people use the top wick ($1,927), while others favor drawing resistance using the line most touched ($1,908). Either way, you can see that price is being repeatedly rejected here, with long wicks up that indicate sellers are aggressively stepping in anytime price pushes.
I am not actively trading this at the moment, but would be looking for a close above this entire area before being interested. A drop to the 50 MA around $1,820 would also be interesting.
