Just like I stated in my previous chart, Bitcoin has shown many signs of bullishness, and price have moved accordingly. We're getting near the moment when we'll know if this is a full trend reversal and not just temporary.
The last time I estimated that the first target would be around $9600, and this is because we'll be reaching a zone of interest that has been a historical resistance/support level. I think it's very likely we'll start moving sideways again around that price, or perhaps we'll see a few strong dumps attempts. Market uncertainty will cause a temporary pause as we won't really know where it's going. Many will claim we're moving up or down, but the only tool anyone has to give such prediction is their personal bias. It could really go either way.
I'm think we may get rejected after a few attempts to break out are made, taking us back down towards the mid 7Ks. Nothing in particular points to this, except the RSI indicator which is near the overbought zone in the daily, but that's not really that meaningful right now. On the other hand we'll know if we're moving up instead if we manage to close above $10550.
For now I'll stay long until $9600 is reached with a stop-loss in place.
The last time I estimated that the first target would be around $9600, and this is because we'll be reaching a zone of interest that has been a historical resistance/support level. I think it's very likely we'll start moving sideways again around that price, or perhaps we'll see a few strong dumps attempts. Market uncertainty will cause a temporary pause as we won't really know where it's going. Many will claim we're moving up or down, but the only tool anyone has to give such prediction is their personal bias. It could really go either way.
I'm think we may get rejected after a few attempts to break out are made, taking us back down towards the mid 7Ks. Nothing in particular points to this, except the RSI indicator which is near the overbought zone in the daily, but that's not really that meaningful right now. On the other hand we'll know if we're moving up instead if we manage to close above $10550.
For now I'll stay long until $9600 is reached with a stop-loss in place.
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.
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.