Well, nothing major happened this week for me and despite the very good green candle, which is forming, there`s nothing more to say about the PA. Other than that, there`s something very good and major happened with Bitcoin but you`ll see it from the second chart.
Actual PA situation (chart 1):
- Support and resistance:
- 1st support - $10500 – last MAJOR resistance. This support has been tested already with this night drop and done it`s job perfectly. That`s why I’m bullish about this drop.
- 2nd support - $9000
- 1st resistance - $12500 – almost the last bigger resistance before the clear skies, accordingly to VPVR.
- 2nd resistance - $14000 – the last resistance before the 20K test I can say (the last top + VPVR).
- Somewhere between 1st and 2nd resistance is $10K, which can act as a support too cuz of the psychological level.
- 10 EMA – the price is still above it even without a touch of it.
- 21 EMA - the price is still above it even without a touch of it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – Another bullish week and there`s 15 weeks bullish signaling.
- Weekly pivot point is $11035.14. We`re far from it so far, so I can say that next week can be positive too.
- BTC volatility is still under 40 actually so more movements can be expected. We`ve saw only a small part till now.
Thanks to Glassnode again we can check the Bitcoin Realized price chart. It`s very simple and clear. The grey line is the BTC price. The orange line is Realized price. Realized Price is the Realized Cap divided by the current supply. Or simply said that`s the price of all BTC paid in circulation right now. This Realized price at the moment is around $6000 and even above, which is the new all time high (ATH). If we check back in the past, every time when we saw such ATH we`ve had a parabolic run and a new price ATH afterward. BUUULISH!!!
That`s all for now.
See ya next time.