BTC: Why There Is More Room For Growth - Different Perspective
Updated
Now that we have more data points for Bitcoin in terms of closed candles, we can assume that this area is being protected by the bulls. While we have been analyzing numerous bearish cases, we would still like to show another probable scenario for Bitcoin on the bullish side of things.
Technicals:
- We are seeing another bullish ascending triangle which means that bulls are trying to not only keep the immediate trend line in tact, but also keep from price showing any bearish patterns so that bears will have to be forced to get squeezed one more time.
- $10,800 - $10,900 regions is resilient. It's being held very strongly, and trading within another tight range. This means that bulls are still wanting 10.8K regions as a check point; however, if failed to hold, the bulls still know that $10,500 - $10,750 is another range of support.
- A break above the original ascending triangle was incredibly bullish in the short term which led to the small rally we saw earlier. A break above and a retest of the resistance has made it a 'resistance turned support' area.
Obstacles:
- Low volume is an indicator that bulls may be getting weaker in this area, but with the right catalyst we can see a surge in price again. Either way, we can expect BTC to break down or up with significant volume in the coming hours/days.
- We have a lot of trapped bulls at 11K who may want to keep taking profit there. Many are possibly on the sidelines waiting for more confirmation, but with any small bearish moves, we can assume that bulls will take profit at breakeven and switch to a bearish bias (switching to short positions).
With all of these factors being combined, we can see overwhelming evidence that bulls are seeing this as a demand zone to buy cheaper Bitcoin. Two weeks ago, everyone was wanting a $10,000 Bitcoin, and this was the chance to buy. We must play the market like a casino. You can never outpace or beat the casino, regardless how good of a hand you may have. Playing along with the market is all we can do.
Will this be the last time we ever see $10,000? Or will we continue the immediate downtrend to fill the CME gap at $9,700? Only time can tell, and we must take it step by step, day by day. We remain bullish in the short term and keep our positions from 9.9K, 10.1K, and until proven otherwise, we will immediately swap bearish if the market forces us to.
Trade Safe.
X Force
Technicals:
- We are seeing another bullish ascending triangle which means that bulls are trying to not only keep the immediate trend line in tact, but also keep from price showing any bearish patterns so that bears will have to be forced to get squeezed one more time.
- $10,800 - $10,900 regions is resilient. It's being held very strongly, and trading within another tight range. This means that bulls are still wanting 10.8K regions as a check point; however, if failed to hold, the bulls still know that $10,500 - $10,750 is another range of support.
- A break above the original ascending triangle was incredibly bullish in the short term which led to the small rally we saw earlier. A break above and a retest of the resistance has made it a 'resistance turned support' area.
Obstacles:
- Low volume is an indicator that bulls may be getting weaker in this area, but with the right catalyst we can see a surge in price again. Either way, we can expect BTC to break down or up with significant volume in the coming hours/days.
- We have a lot of trapped bulls at 11K who may want to keep taking profit there. Many are possibly on the sidelines waiting for more confirmation, but with any small bearish moves, we can assume that bulls will take profit at breakeven and switch to a bearish bias (switching to short positions).
With all of these factors being combined, we can see overwhelming evidence that bulls are seeing this as a demand zone to buy cheaper Bitcoin. Two weeks ago, everyone was wanting a $10,000 Bitcoin, and this was the chance to buy. We must play the market like a casino. You can never outpace or beat the casino, regardless how good of a hand you may have. Playing along with the market is all we can do.
Will this be the last time we ever see $10,000? Or will we continue the immediate downtrend to fill the CME gap at $9,700? Only time can tell, and we must take it step by step, day by day. We remain bullish in the short term and keep our positions from 9.9K, 10.1K, and until proven otherwise, we will immediately swap bearish if the market forces us to.
Trade Safe.
X Force
Note
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