Crypto Chiefs
Crypto Chiefs 2 minutes reading from Bitcoin

Bitcoin Price Outlook Above $20,000 Positive

BTC Update -

Yesterday we saw a perfect, to the cent, retest of our 20,350 level on Bitcoin before seeing strong upwards momentum. If we get a pullback from here, the psychological 21k level is the first area where we may confirm as the support.

However, on a deeper pullback I have my eyes on the 20.6k - 20.4k area for a bounce.

The second chart I have shared shows the volume profile over our 5 month range from June, and we can clearly see that our resistance at 21.4k is the Value Area High (VAH.)

This is also the same level as the range mid-point. If the price can break and close above, a move towards 22.3k is where I think we would see a strong rejection from.

Check out the USDT dominance chart. After the breakdown from the bear flag, I mentioned the possibility of it falling to the orange support line. This has played out, and it has broken below that too. Looking to see if we get the highlighted move.

Lose that white line and we will see a Crypto rally.

This post is based on this twitter thread.


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