Bitcoin had a big move up today, squeezing out shorts.

Here’s what Jesse posted earlier on Twitter:

Why it’s bullish

There were several reasons this is bullish:

1. Price made a higher high above $65.5K

2. This confirms the local lower higher at ~$60K, keeping our range low of $61K intact

3. It means price broke above three key levels: 1) 50DMA, 2) downward trendline, 3) trending dots

4. Daily RSI has a long upward sloping line which could support further rises in RSI over a long period of time

What we want to see next is for bitcoin to stay above $65K and confirm the 50DMA as support.

And at the very least, if there’s a short-term retest, we want price to close above the trend line and previous daily candle closes ~$63K.

As Jesse says, we’re not out of the woods until we get closes back above $73K. But there’s good reasons to be bullish.

$PEPE leading the way?

For Discord members, Jesse posted the $PEPE chart and said:

“$PEPE already took out the pivot high from March. If Bitcoin were to do the same, then price would be at $74,000.”

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Disclaimer

The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational & entertainment purposes only.