Bitcoin BTC Approaching Resistance for BITSTAMP:BTCUSD by NoOneWhoIsSomeone

With BTC making a 73% rise since July 21st, it is finally approaching resistance where we have seen BTC hang around the 47k-50k area for some time now. We have already seen a few 50k rejections but it looks like it just hasn’t touched that resistance zone indicated on the chart. Now a very important thing to note here is that these levels are indicated from the strong reaction BTC showed on July 21st. From this perspective this is the most recent development when it comes to the structure BTC seems to be reacting at.

We are also seeing Bearish Divergence on the RSI and it will be very important to watch this going forward. This doesn’t mean BTC will free fall again but it will likely be met with some selling pressure. The way BTC has so strongly risen the last month, I don’t expect the market to give many chances for late entries.

Zone of Resistance is 50k-53k

There are other perspectives when it comes to these longer-term charts which I will show you here which in my opinion seems to be very valid in terms of showing heavy supports and resistance. The red line is the crucial level BTC is likely to find heavy resistance at and it shows a retest of the breakdown from May.

These are much longer-term levels than the one I have shown you in the initial chart and it’s crucial to be aware of both. Seeing which one BTC wants to react to will indicate more accurately which one to watch in terms of both short and long term. This is zoomed out so you can see where I’m developing these levels. I will likely make an additional post about this particular chart going forward.

Thank you for taking the time to check out the analysis, I hope this was informative in any way and maybe gained a different perspective than before. I appreciate your time, and any questions or comments are more than welcomed down below;

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