B-B-B-Bitcoin vs US Dollar - Sellers step in around 10k
Bitcoin has had another great run from 6k, we paused a bit around the 8k zone before smashing through 9k and finding sellers in the 10k zones.
It is not surprising that 10k has come into play as resistance, it was a major support a while back.
In my opinion we are looking at minor correction in the market and possibly a opportunity to buy the dip. I am long on the market with exit planned should $9200 fail, at this point in time.
On the near term I see support at $9750 and should that fail we will most likely test the $9200 – $9500 levels with $9000 being the main psychological support on the shorter timeframe.
Contrary to what everybody thought we saw quite a bit of selling during the Asian markets, hinting that they might not be ready to buy back just yet.
Should 10k resistance get broken today, it will be a very bullish signal for me going into the weekend and next week.
Summary for the short term:
Support: Near term – $9750 – Short term: $9000 – $9500
Resistance: Near term – $10 000 – Short term: $10 300
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It is not surprising that 10k has come into play as resistance, it was a major support a while back.
In my opinion we are looking at minor correction in the market and possibly a opportunity to buy the dip. I am long on the market with exit planned should $9200 fail, at this point in time.
On the near term I see support at $9750 and should that fail we will most likely test the $9200 – $9500 levels with $9000 being the main psychological support on the shorter timeframe.
Contrary to what everybody thought we saw quite a bit of selling during the Asian markets, hinting that they might not be ready to buy back just yet.
Should 10k resistance get broken today, it will be a very bullish signal for me going into the weekend and next week.
Summary for the short term:
Support: Near term – $9750 – Short term: $9000 – $9500
Resistance: Near term – $10 000 – Short term: $10 300
Come check out the best crypto trading hangout here.
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