BTC - Chart Update
Here is an update to the chart I posted a couple days ago "BTC - New 2023 High" https://www.tradingview.com/chart/BTCUSDT/KzxCzk1R-BTC-New-2023-High/
This 26.50% move to the upside has started to lose momentum. This can be seen in our daily Stoc RSI (blue crossing below orange). It can also been seen in the RSI as now BTC is back inside the RSI channel. The way this trend could continue to make new highs is if BTC can close the RSI above the 70 level today. If not we could expected a retracement in the short term.
If we are to get this cooldown then here is what to expect. The best scenario would be BTC retesting the top of the parallel channel as new support. This would be macro old resistance being flipped into new macro support.
I have also added Fib levels to determine when these factors might converge. A retest to the golden ratio (0.618 - 27,400) would be a picture perfect retracement for BTC. This price level would line up with our parallel channel around July 1st. If the bleed is slower then you would be looking for price to revisit the (0.786 - 26,250) around July 29th.
In summary, The short term looks like we will get a retracement to the downside, but the weekly is still intact for a momentum move the upside. Therefore, if we get this retracement and our weekly stoc. RSI blue is still above the orange then it would be a great time to "buy the dip". *Not financial advice*
This 26.50% move to the upside has started to lose momentum. This can be seen in our daily Stoc RSI (blue crossing below orange). It can also been seen in the RSI as now BTC is back inside the RSI channel. The way this trend could continue to make new highs is if BTC can close the RSI above the 70 level today. If not we could expected a retracement in the short term.
If we are to get this cooldown then here is what to expect. The best scenario would be BTC retesting the top of the parallel channel as new support. This would be macro old resistance being flipped into new macro support.
I have also added Fib levels to determine when these factors might converge. A retest to the golden ratio (0.618 - 27,400) would be a picture perfect retracement for BTC. This price level would line up with our parallel channel around July 1st. If the bleed is slower then you would be looking for price to revisit the (0.786 - 26,250) around July 29th.
In summary, The short term looks like we will get a retracement to the downside, but the weekly is still intact for a momentum move the upside. Therefore, if we get this retracement and our weekly stoc. RSI blue is still above the orange then it would be a great time to "buy the dip". *Not financial advice*
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