Bear Market Reversal? Very Basic Big Picture
Recently Bitcoin has seen upward price movement. Although price action moved briefly back above $10,000 for the first time in approximately 16 days, there is still a lot of room left for an actual trend reversal. The larger picture shows that BTC current price is still below the uppermost trend line. If price continues along the current trend we could expect to see heavy resistance in the $12000-$12200 range. This level falls within the area between 0.382 and 0.5 fib levels. Of course, in order for price to increase BTC will need to maintain and increase current volumes. Are there currently enough buyers? That is really the question of the day. Any FUD could definitely put-off perspective buyers at this point. Personally, I am looking for swing trade opportunities between $9100-11200.
This is not investing or trading advice. Make your own decision based on your own research.
Criticism and feedback are very welcome.
This is not investing or trading advice. Make your own decision based on your own research.
Criticism and feedback are very welcome.
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