Bitcoin: Bulls Got One More Hurdle to Clear
As Bitcoin retests its previous ATH, we're going to take a look at several other underlying metrics to ascertain whether or not the price is likely to break above or below this point.
Bitcoin Price Analysis
Sticking on the daily resolution like we normally do, we're going to see what the chart looks like after mapping out the horizontal support and resistances around the price
https://www.tradingview.com/x/Zzy3UaWB/
The short distance between where the price is currently and the overhead resistance also represents Bitcoin's 'ATH' (all-time high) as well.
Balance of Power RSI
The BoP RSI actually looks incredibly bullish on the daily resolution.
See below:
https://www.tradingview.com/x/cKq08IPR/
For those that cannot see the clear upward trajectory exhibited by the Balance of Power RSI, this next photo will make it clear
https://www.tradingview.com/x/jTxB7Ujd/
Ideally, we'd want a 'line of best fit' to be overlaid on the chart, spanning across a given 'start' and 'end' point for the desired timer frame
This is on its way; the update will be pushed directly to the code
Relative Strength Index
This actually still looks bearish from a distance.
https://www.tradingview.com/x/Kx4yYj42/
There's a chance that the RSI on this particular run will break the pattern observed in the screenshot above.
If it does, then that would be extraordinarily bullish, overall. But it has yet to do that, so keep that in mind.
Librehash Reversion Ribbon V2
So far, on the daily resolution, the Librehash Reversion Ribbon is still looking tentatively bullish.
https://www.tradingview.com/x/AkusfvCZ/
Looking at the chart above, we can see the following:
The faster moving period has crossed above the slower one (hence, the ribbon being green at this current period)
Histogram is showing us divergence as well (a widening of the ribbon) ; this is especially bullish when it occurs after the bullish, faster moving average crosses above the little one.
The ribbon is still above the 'zero line' (Histogram)
Conclusion
Overall verdict is neutral-ish on Bitcoin at this point. Let's see if its able to break above the $60k overhead horizontal resistance (set by its former attempt).
If Bitcoin ends up getting exhausted again though, it might be a little while before bulls are able to come back outside and really play the way that they might want to.
