Breaking down the daily chart of #BTC 💸
Allow me to remind you of the reason for the growth that began on April 9 📈. First, a rising wedge was formed. Second, its upper limit was surpassed after a local "squeeze" was formed on the 4-hour chart and a "bullish divergence" in the RSI.
The key point is the recent breakout and consolidation above the level of ~$92,000 📈. This level is one of the three that made up the previous consolidation. It acted as the lower limit. Above we have the average of ~$98,000, which now coincides with the "point of control" line, and resistance at ~$106,000, at the all-time high.
After consolidating above the lowest level, the price has returned to the old consolidation zone 🪧. This was confirmed yesterday when the coin touched ~$98,000 from below. However, the RSI is already close to the overbought zone ❗️
Based on everything I see in the daily chart, I expect a POSITIVE DEVELOPMENT OF EVENTS. The main upward target is ~$106,000 🎯. The movement towards this level may be impulsive from the current levels, but given the slight overheating of the market, it is likely that we will first see a small consolidation between ~$92,000 and ~$98,000, and then growth.
