After adjustments over the weekend, Bitcoin temporarily followed through with a steady upward move, breaking above the 86K area. As reminded in the Saturday video, it’s also something worth taking a bite of.
From the current daily chart, the moving averages are standing above the 30-day line and are showing a bullish alignment. Overall, it still leans bullish, but in the short term there is a significant disagreement between bulls and bears at higher levels. It’s not advisable to chase after a breakout. The Bollinger Bands are also showing a contraction, indicating a short-term pullback is needed. Wait for the pullback to be confirmed, then consider buying on the dip; follow the move again only when a breakout occurs with increased volume.
If the price pulls back and stabilizes around 85—85.6K, you can try to take a position, targeting the 87K area. If the breakout remains valid, look to continue higher.
From the current daily chart, the moving averages are standing above the 30-day line and are showing a bullish alignment. Overall, it still leans bullish, but in the short term there is a significant disagreement between bulls and bears at higher levels. It’s not advisable to chase after a breakout. The Bollinger Bands are also showing a contraction, indicating a short-term pullback is needed. Wait for the pullback to be confirmed, then consider buying on the dip; follow the move again only when a breakout occurs with increased volume.
If the price pulls back and stabilizes around 85—85.6K, you can try to take a position, targeting the 87K area. If the breakout remains valid, look to continue higher.
