Analysis $BTC 05/18/2024
Bitcoin, Yesterday we were unable to break 67,100 and close above it, of course this is understandable and left the BULLS in a good position to hold prices up here during the weekend. Of course we know that prices are not reliable on the weekend, in any case I believe we should work within this 66,500/67,500 range until the beginning of the week to jump again.
This stop here for some time at USD 67K was what I had always expected, but I believe that in the new week to come, we will be able to attack USD 73K with strength.
The big bulls are still positioned at USD 61K, not taking too much risk and leaving the work here to the cash buyers. However, the big bears have already started to exit from USD 70K, it is true that the BEARS are still very strong there, but see that some are already starting to position themselves at USD 72K which makes a lot more sense than below that.
Be that as it may, I believe that the weekend will not have major movements, but next week we should have important movements and a new clash between BEARS and BULLS at important prices.
The EMAS 100/200 (4H) are very optimistic, and the RSI still has room for something else on the daily, so I remain optimistic here and think that a reasonable pullback is not the time yet.
We will reach $73K soon!
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