Time for a breather
Bitcoin has made quite the run-up over the last few months from 31xx to 99xx. The bulls are fighting strong and I do believe that we have entered a full blown bull market.
That being said, even the strongest bulls cannot fight indefinitely.
Ideally, we see the bulls take a small breather here. the 10-11k mark still may be breached but I don't expect that psychological milestone to hold for long. Look for a slight retrace to the 0.382 and in an even better scenario, the 0.5.
The 0.5 level (~6500) has shown very strong support historically and I would be surprised if we correct further than this right now. That being said, this is cryptocurrency - FOMO and speculation lead the charge in these markets.
That being said, even the strongest bulls cannot fight indefinitely.
Ideally, we see the bulls take a small breather here. the 10-11k mark still may be breached but I don't expect that psychological milestone to hold for long. Look for a slight retrace to the 0.382 and in an even better scenario, the 0.5.
The 0.5 level (~6500) has shown very strong support historically and I would be surprised if we correct further than this right now. That being said, this is cryptocurrency - FOMO and speculation lead the charge in these markets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.