Daily Report – Bitcoin and Market Update (April 10 2021)
Middaily session has just closed with a strong buying candle marking local 55.3-60.2k range breakout. This may indicate upside continuation until BTCUSD taps the supply between the short-range and long-range bands 63.2-66.2k. BTCUSD is still not meeting buy signal requirements from BPRO so I’m patiently waiting for my system to flash bullish trend change indication. Until then, it’s still the very same case of faking out any bullish moves until it finally reclaims 62k ATH level. From the technical point of view, opening any longs now is longing the resistance, which is why I also choose to follow BPRO indications surely. Key resistance level reclaimed on intraday basis with 12h close through 58715 is bullish itself, while still trapped in low-momentum movement 43-62k. That’s the reason for me NOT getting too excited about this move just yet. Low-momentum movement by definition is little to no directional so you find it full of traps, liquidity hunts and fakeouts. I personally choose to distrust this as I prefer to keep it safe than sorry. Local supports at 53.8k, 50.5-51k, 48361. Resistances are as follows: 63.2k, 66.2k, 70890, 78507. As always, find more details in #video-report channel and my yesterday’s premium webinar.
Active addresses MA7 waking up on the price increase. Good sign
No spike for liquidations on futures meaning current BTCUSD pump was not really any major short squeeze. Rather organic pump
Hashrate is uptrending nicely sustaining price action uptrend in the larger scope. No signs of any major reversal so far.
NUPL showing tendency of past few weeks for BTCUSD where sellers over 60k were active and realizing profits on peaks during the low-momentum price action. It’s hovering right under 0.75 euphoria ratio so medium-term and long-term traders should remember to slowly but surely leave the market as NUPL increases.
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