Price is in an uptrend defined by a channel, starting from Dec 11.
Currently price is looking to create a new higher high which would
ideally align with the upper channel and would be in place if price
reaches the Weekly R1 at 9300 Satoshi. Since trend is bullish,
normally price will try to establish above the R1 pivot and try to
reach the R2, which stands at 11445 Satoshi.
I price fails to take out the 8625 high this week it will signal that
upward pressure is decreasing and PA may turn more sideways
or start go lower. Chances are still good for a continuing trend up.
Currently price is looking to create a new higher high which would
ideally align with the upper channel and would be in place if price
reaches the Weekly R1 at 9300 Satoshi. Since trend is bullish,
normally price will try to establish above the R1 pivot and try to
reach the R2, which stands at 11445 Satoshi.
I price fails to take out the 8625 high this week it will signal that
upward pressure is decreasing and PA may turn more sideways
or start go lower. Chances are still good for a continuing trend up.