Once again BTC has set a new ATH and it is at $61781. On the daily we can now see a forming bear div. The current daily candle just has to close to confirm this. But a small retrace fits the picture perfectly. The ema's are still nicely in favor of the bulls. The rsi is in neutral territory and is currently fighting the ema. If it closes below the ema today then there is a plausible chance that the bear div will play out.
daily chart: https://www.tradingview.com/x/MbYDeOVD/
The price is in an ascending channel and has been above the EQ (center line) for quite some time and is reasonably away from the ema. The bottom of the channel where there is also confluence with the ema55 seems to me a good point to go to before we can look further up. Breakdown is of course also possible at that point but we will see. The rsi has dipped below the ema and is now on the 50 line which serves as support.
4h chart: https://www.tradingview.com/x/32VUbNdg/
The descending triangle has been played here whereby it has immediately negated the rapid upmove. At the 15m a bottom has been set and there we have drawn the fibonacci and see a 0.618 retrace at the level of the trend line of the triangle. A point to keep an eye on for a further down move towards the channel's trendline.
The strength is starting to wane on the ema's and the price is already trading below the ema55 and 100. Also the rsi is experiencing a lot of resistance from the ema and has dropped to the 30 level.
1h chart: https://www.tradingview.com/x/BCK7iM8T/
Conclusion:
Long term I am still bullish and that will probably not change in 1, 2, 3. The price is in a great place right now. Short term I expect a small dip to 55 - 56K and from there upwards again to set a new ATH. This is also the last supply zone on the daily chart. If we lose this level we will soon drop further to 52K. Below this level we will only find HTF support around 47K.
