BITCOIN Analysis Heading Into The Weekend
Happy Friday friends! I hope you've all had a great week. Here are some details about the markets as we head into the weekend.
MAJOR support is at $4,800 for Bitcoin. This level was tested resistance and has been tested as support twice already. I think we will see prices hold levels above this unless we get some major bear volume showing up. As such, it seems likely that we'll be stabilizing and confirming this level through the weekend.
Looking at the daily chart, RSI is at 84. We haven't seen the daily RSI this high since the ATH back in December 2017. So, this is something to think about too that it could be likely we hit our short term high and will need to pull back to test lower supports on the longer charts.
Overall, I'm not really expecting much excitement during the weekend which is good as it'll give us free time! Hope you all have a great weekend ahead, and stay tuned for more!
Thanks for posting todays update
thanks!
Weekends were pumping for a while, especially Saturdays. I am waiting a pullback eventually but gotta be careful at the weekend :)
This is also the 7th bull week in a row, which we haven't seen since late 2019. Bear week is likely.
Yeah agreed. It's also good for bulls rather than an unhealthy parabolic move imo.
Definitely, agree with this! I think there will def be a pullback...will be up to the bulls to defend higher supports.