Bitcoin mid term analysis
Updated
BTC/USD consolidated above 11k, broke 12k, and tested 13k, and are currently testing 12k again, but I expect this to hold... I kept an eye on the order book and noticed it was mostly small positions sold off after the failed test of 13k, so this is bullish to me. Market makers will take the "cheap" coins and sell them later.
I expect Bitcoin to test the resistance from the top of the old triangle we broke down out of, which is now the top line in our large downtrend. A breakout from here could send us up big time, but I don't see it happening unless we hear some good news from Korea, as its hard to be super bullish while a trading ban is theoretically on the table in the third largest Cryptocurrency market, which is also a democracy.
A rejection at that point will send us down to test the support at the black line, a long term trend line, which we bounced off during the crash the crash last week. If that support breaks, 8k could be on the table (the bottom yellow line, support in the current down trend)
I expect Bitcoin to test the resistance from the top of the old triangle we broke down out of, which is now the top line in our large downtrend. A breakout from here could send us up big time, but I don't see it happening unless we hear some good news from Korea, as its hard to be super bullish while a trading ban is theoretically on the table in the third largest Cryptocurrency market, which is also a democracy.
A rejection at that point will send us down to test the support at the black line, a long term trend line, which we bounced off during the crash the crash last week. If that support breaks, 8k could be on the table (the bottom yellow line, support in the current down trend)
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