There has been a lot of excitement about the BTC price movement. We have had the punditry come out with all sorts of predictions. It is no surprise to anyone; it is what we should expect. Is there room for excitement? Perhaps! Let us look at the evidence.
Let's start with the charts. First, the BTC daily chart reveals that the point of control (PoC) acts as resistance. In addition, we are at an equilibrium point. Equilibrium is the state of the market where demand and supply are in balance with the price, indicating that the market price is at fair value. For the price of BTC to rise, it needs to break through not just the PoC but the equilibrium.
Above both the equilibrium and the PoC, we have a large area of institutional selling (maroon in colour). We may see this area act as resistance. Institutional selling is $29140, a 3.91% move to the upside from the PoC. BTC has moved higher in the past; nevertheless, equilibrium needs consideration. Third and finally, the Laguerre RSI value. Currently, the Laguerre RSI has a reading of 100. The Laguerre RSI may remain at this value for a while but eventually fall. A value of 100 means BTC is overbought at current levels.
For the excitement to be palpable, we will need BTC to hit the $30500 level, a move of over 8%. When BTC breaks that price, I believe we will have a great bull run. So, when will this happen? I know not. If you do, then your guess is as good as mine.
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