Bitcoin Price Action Update (day 339)

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Consensio: Fully bullish, price breaking through 200 EMA

Patterns: Phase 7 Hyperwave | Brokethrough bear TL
Horizontals: R: $5,100 | S: $4,676
Trendline: Brokethrough 11 month bear TL
Parabolic SAR: $4,019
Futures Curve: Backwardation, looks like it is flipping back to Contango
Funding Rates: Longs pay 0.012%
BTCUSDSHORTS: At support
TD’ Sequential: Weekly G9 | Daily G7
Ichimoku Cloud: Daily is bullish. Weekly Kijun is resistance
Relative Strength Index: Weekly brokethrough 50 | Daily at 86
Average Directional Index: Weekly testing 25 with +DI just crossing -DI
Price Action: 24h: +16.95% | 2w: +20.61% | 1m: +40.54%
Bollinger Bands: Going to close above daily band
Stochastic Oscillator: Daily sell signal

Summary: Price has broken through the 11 month bear trend with authority. At the same time it brokethrough the high volume node in the Visible Range Volume Profile. The 200 day EMA didn’t even slow it down which was a bit surprising.

Now it is mostly open air from $5,000 - $5,800. The lack of volume at $5,000, also known as the gap, makes me think we should smash right through that area. However I do not think it is time to overexcited and / or buy at these prices.

The weekly TD Sequential is on a green 9 with the daily on a green 7. The daily RSI is also very overbought. Also look at the price action! Up more than 15% in the last 24 hours. That is a strong indicator that we need to cool off.

I do not think that was the bottom. Bottoms are marked by disbelief and the large majority believe that was the bottom. Resistance should be very strong at $5,800 and I do not expect this rally to get past that area. I will be looking to sell this bounce and will not consider changing my disposition unless we spend some time above $6,500.

What I will be watching from here is for the RSI to create a bear div while price rallies towards major resistance. That would providing an ideal selling opportunity, especially if it occurs in the next 5 - 6 days which would be right in line with the weekly closing a green 9.