I love playoff basketball.
In the first game of the 1991 Eastern Conference Finals, Michael Jordan delivered a vintage performance to lead his Chicago Bulls to a clutch 104-98 victory over their rivals, the Detroit Pistons. Jordan was dominant on both ends, scoring 36 points while smothering Detroit's offense. He hit big shots down the stretch, throwing down a rim-rattling dunk to seal the win. It was a statement, game 1 victory for Jordan in his prime as the Bulls took control of the series against the veteran Pistons on their quest for their first-ever championship, but they stay had a long way to go.
Bitcoin is in its statement game. Game 1.
Breaking Barriers: Bitcoin's Breaking Resistance Signals New Possibilities
In our previous newsletter, we discussed the challenges and obstacles that bitcoin encountered as it approached the upper limit of the upward parallel channel. However, bitcoin recently broke through this resistance level, marking a significant milestone in its journey. Stay tuned for our upcoming posts, where we will explore the possibilities that lie ahead for bitcoin.
Behind the Celebration: Understanding Bitcoin's Potential Correction Signals
While celebrating Bitcoin's recent breakthrough above the resistance level, it's essential to maintain a balanced perspective. The daily chart reveals that Bitcoin has concurrently created a second bearish divergence. This development prompts a cautious outlook as bitcoin could correct from this level. It's also important to highlight that the next major support level lies within the $30K - $32K zone.
Short Time Frames
Potential Support Levels
Zooming in on shorter time frames, to pinpoint potential short term support zones. The immediate support appears to be around $34.8K, a further layer of support lies at $33.6K.
Bitcoin Market Cap
Disclaimer: The information provided in this newsletter is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any financial instruments.