Will the BTC option launch on CME finally kick off the long-awaited price surge toward the glorious BTC halving?
On the fundamental side, all the metrics list in my chart indicate that whales and long-term holders have not moved much of their BTC holdings in a while, a bullish scenario to me because it means we are less likely to see a huge selling pressure if this trend continues.
The first hurdle, daily timeframe, is cleared as most technical indicators turne bullish and some indicators suggest a slightly overbought condition, which indicates the potential short-term pullback.
No divergence detected which further validates the current trend.
However, the lack of volume on the daily timeframe is a little bit concerning though.
The ideal scenario for bulls is to end the weekly candle on the high volume above the vertical trendline.
I see a lot of confluence around 8450 on the daily timeframe and I expect bulls to defend this lvl.
Overall, I believe the successful defense by bulls at 6.5k and 7.7k has turned the tide of the battle and, bulls will continue to have the upper hand as long as BTC stays above 8k.
On the fundamental side, all the metrics list in my chart indicate that whales and long-term holders have not moved much of their BTC holdings in a while, a bullish scenario to me because it means we are less likely to see a huge selling pressure if this trend continues.
The first hurdle, daily timeframe, is cleared as most technical indicators turne bullish and some indicators suggest a slightly overbought condition, which indicates the potential short-term pullback.
No divergence detected which further validates the current trend.
However, the lack of volume on the daily timeframe is a little bit concerning though.
The ideal scenario for bulls is to end the weekly candle on the high volume above the vertical trendline.
I see a lot of confluence around 8450 on the daily timeframe and I expect bulls to defend this lvl.
Overall, I believe the successful defense by bulls at 6.5k and 7.7k has turned the tide of the battle and, bulls will continue to have the upper hand as long as BTC stays above 8k.