Bitcoin bulls push to the next target 67K

Do repost and rate:

The inefficiency block has not been filled yet but the price has continued to rise nicely to a new ATH at 58354. The ema's are rising nicely and the strength behind the trend remains almost the same. The rsi is not moving as fast and will most likely test the ema's just above the 70 level today.

daily chart: https://www.tradingview.com/x/tmQKeC0z/

Here we see a bearish divergence with an inefficiency block below it at this timeframe. This one also has confluence with the fibonacci level 1. Also on this timeframe the ESMs are still moving up nicely and we see that the strength of the trend remains about the same. The rsi is trending downward and is experiencing resistance from both the trendline and the ema.

4h chart: https://www.tradingview.com/x/bkGRHMe3/

Here too we see bearish divergence but the price is still holding up by not setting a lower low. How long it can keep this up, I don't think for very long. The price has fallen below the ema55 and we also see the strength diminishing slightly on the ema's. The rsi has already dropped significantly now even below the 50 level and below the ema.

1h chart: https://www.tradingview.com/x/8v8l7wDS/

Conclusion:

Looking at the longer term, I am definitely bullish on Bitcoin and the next level 67K will also be reached in the foreseeable future. But given the bearish signals we see on various timeframes, a retest on the 4h inefficiency block at 53.8K will have a reasonable chance. Should BTC lose this one as well, there is also a daily inefficiency block at 43.5K.

 

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