🔥 Bitcoin Short-Term Overview: Watch This Resistance!
Updated
As of the US market open a moment ago, Bitcoin is seeing a major pump, alongside the stock markets.
This pump is obviously great for bulls, but it remains to be seen if the bulls will actually carry through this time.
As seen on the chart, BTC has been bouncing off the purple resistance for over a week at this point. My best guess would be that this resistance will cause some trouble for bulls, as it's a great entry point for shorts to enter.
If the buyers can push BTC through this resistance it would indicate short-term market strength at the very least, potentially even a longer-term trend reversal. For now, the top two blue targets are in play once we push through the resistance line.
The more likely case would be that the resistance will hold and cause a reversal. We've been making lower-highs for some time now, so I wouldn't be surprised if we continue to do so. Bottom blue lines are the bearish targets.
This pump is obviously great for bulls, but it remains to be seen if the bulls will actually carry through this time.
As seen on the chart, BTC has been bouncing off the purple resistance for over a week at this point. My best guess would be that this resistance will cause some trouble for bulls, as it's a great entry point for shorts to enter.
If the buyers can push BTC through this resistance it would indicate short-term market strength at the very least, potentially even a longer-term trend reversal. For now, the top two blue targets are in play once we push through the resistance line.
The more likely case would be that the resistance will hold and cause a reversal. We've been making lower-highs for some time now, so I wouldn't be surprised if we continue to do so. Bottom blue lines are the bearish targets.
Note
✅ Bullish Target 1 hitBTC broke through the diagonal resistance and is most likely forming a bull-flag as we speak. Most likely scenario would be a bullish continuation from here.
The NASDAQ is currently overbought on the daily chart. I'm expecting stocks to correct. Stocks can drag down BTC.
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