Bitcoin Update — 29–06 — Break and Close above 35k today?
Bitcoin shows some strength the last few days and it looks like we will break the 35k resistance. When we break it we will see 40k as the next big resistance.
As you could see in the chart above we see on the daily chart that it holds his support and that we are close to breaking a small downtrend (blue line). The resistance of 35k is also close in this area so when we break above and close the daily chart above it we can confirm that we could see 40k after it.
On the 4H we see that it follows an uptrend, we are in the resistance zone of ~35k at the moment and we are close to breaking it. Once we broke it we could see a big rise to around 40k.
We would like to see a Higher High made on the 4H chart before we retrace to a new support level and creating a higher low. By creating the Higher High we will break above the resistance and then we would like to see that resistance of 35k will act as support.
If we will not break the resistance on this level and we break the uptrend we could suspect a retrace to ~33k support zone. If that one will not hold we will face back to ~30–31k.
Be cautious during resistance and support zones!
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