A Daily Look at BTC

BTCUSD
A Daily View

BTC has been moving upwards, previously when in the 40k range we have had sellers enter the market, Back on feb 8th we had a bullish candle push above resistance which was a result of Elon Musk tweeting about a large BTC ( [url=- coindesk.com/first-mover-tesla-bitcoin-snoop-dogebowl ]- Doge Bowl ) buy causing speculation and Volume to drive the price up. We have the weekend ahead of us and if we can Finish off this week holding the current price @ ~41k we will be producing a bullish hammer on the weekly, the most bullish candle in trading. Traders may push price up in advance over the weekend in anticipation for a future bull run, however the downward wedge cannot be ruled out as being a formidable resistance level to overcome.

If we break above the wedge we have our previous high which is also the 0.382 retracement that btc will have to overcome before being able to move up in price. If it cannot break out of the wedge we will look for support inside the wedge ~40450 , if it breaks through that look for support at the 0.5 fib major low to high @ 37.6 - 37.1k . If we break through that and flip it as resistance we may see a downward movement all the way back to ~34k at the 0.618 where the 50 MA on the weekly may act as support.