Bitcoin Daily Technical Analysis

G. Allan Collins

Bitcoin is still stuck in the bull flag between the support at 29,500 and the resistance at 31,000, and we are trading below a negatively sloping 20 day moving average. So, if we lose the support at the bottom of the bull flag, we’ll likely see a very quick trip back down to 28,000, if we get the bull breakout then we’re likely pushing towards the price target 35,000. 

Apple was up 1.73% and we’re pushing back up to the previous all-time high at 194 and if we breakthrough that then we’re likely going to the price target at 197.5. We have a gap to fill to the downside at 191. So, if we do see a rejection, it’s possible to go down and fill that gap. And we’re bullish as long as we’re above 190. 

The S&P 500, is at very critical resistance. So, if we breakthrough that, this would instantly be more bullish and means SPY is likely going to the previous all-time high. However, there’s a great chance because we’re at critical resistance, we get a rejection. So just wait for the price action to confirm it because if we get a rejection, we’re going to see the pivot and the price action, and we’ll have a great risk level to manage our risk from as we attempt to trade down towards the gap fill. If you just blindly short of bold trend you’re just going to get short squeezed out when we breakthrough resistance so try not to trade against the trend until the price allows for it