A quick BTC /USD update:

At the moment, BTC is testing its crucial Descending Resistance Line of its Triangle Pattern as well as testing its crucial Resistance Area . Note that BTC has found resistance from this Descending Resistance Line 3 times previous and you can clearly see the interactions of the previous Daily Candles with this Resistance/ Support area .

Note that the APEX of the Triangle Pattern is located around the 23rd April 2022.

At the moment of typing this, BTC is back above its Least Squares Moving Average ( LSMA ) as well as back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1 day timeframe. Note that BTC is back above its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s visible range.

At the Moment of typing this, BTC is still in the Bearish Zone of the Ichimoku Cloud . Note that Leading Span A (Senkou Span A) Resistance Line is located in the same spot as the Resistance Area that BTC is testing.

Looking at the Trend-Based Fib Extension, we can see that the 0.236 level is also located at BTC’s crucial Resistance Area .

Note that this is the first time since the 10th March that the daily Volume Bar has been above its Volume 20 Period MA.

The Average Directional Index ( ADX DI) is indicating a spike in Positive Momentum with the +DI (Green Line) rising to 22.04. Negative Momentum has dropped with the -DI (Red Line) dropping to 19.89. Note that the +DI (Green line) is now back above the -DI (Red Line) indicating Positive Momentum is stronger than Negative Momentum on this 1 day timeframe. Note that we have to be careful because the overall Trend Strength is still very weak with the ADX (Orange Line) at 15.39 way below the 20 Threshold (Black Dashed Line) and is still also below its 9 Period EMA (Black Line) which is at 17.64.

Tonight’s daily candle close will be a very interesting one to watch.

I hope this is helpful with your trading and hodl-ing.