Bitcoin Will Face Strong Resistances Soon
Updated
Hi guys !
So we just got a reversal from 7.2k to 8.8k, but now what ? Will BTC fly high ? Well maybe, but Bitcoin will face some strong resistances before. To me, when I look at the daily chart, The turning point is somewhere around 9.5k. This spot could be determinant between the prolongation of the bear market and... The end of it ! BTC is far from being out of the woods for now, but if we see a break out thru this 9.5k area, that will be really positive.
However, I think 9.5k could stop the bull reversal and keep BTC in bear mode. Why ? Look at the red circle, Bitcoin will have to pass thru the 200 daily sma, the 50 daily sma, the 38% fib retrace, the blue line resistance and the strongest of the fifth resistances : the big downtrend line (yellow line). Those are all big resistances, at approximately the same place... That will be really hard to break.
So I guess we just have to sit and watch now.
I will update you soon,
Fred
So we just got a reversal from 7.2k to 8.8k, but now what ? Will BTC fly high ? Well maybe, but Bitcoin will face some strong resistances before. To me, when I look at the daily chart, The turning point is somewhere around 9.5k. This spot could be determinant between the prolongation of the bear market and... The end of it ! BTC is far from being out of the woods for now, but if we see a break out thru this 9.5k area, that will be really positive.
However, I think 9.5k could stop the bull reversal and keep BTC in bear mode. Why ? Look at the red circle, Bitcoin will have to pass thru the 200 daily sma, the 50 daily sma, the 38% fib retrace, the blue line resistance and the strongest of the fifth resistances : the big downtrend line (yellow line). Those are all big resistances, at approximately the same place... That will be really hard to break.
So I guess we just have to sit and watch now.
I will update you soon,
Fred
Note
As expected, Bitcoin struggle at the 9k zone and was rejected from it's 200 daily sma. Let's see the next BTC move... It will be really important.
Related publications
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.