Seems like 5000 is very very solid resistance combined with china news which may have follow up in future Made 5K our top.
My view on this and short explanation
BTC is traded mostly by ppl which thinks that the BTC will be going up forever. If U look on sub-prime crisis prices went up 1500%, bitcoin went up 2500% within 1.5 year which was nice gain.
Since February huge money came to crypto market and these players know that even 100% per year is huge profit which to most crypto traders is normal day. There will be huge snowball if these huge players will remove all the money from the crypto market.
Some ppl believe in wedges and other technical terms. There is one thing to all of it. If price is going up consequently almost every week any technical analyse will work as it doesn't matter and can just help to enter the market with low risk.
I don't expect anyone to believe me it is just my point of view.
It may be that I don't know anything about this market and I'm really comfy about it if it is true.
My view on this and short explanation
BTC is traded mostly by ppl which thinks that the BTC will be going up forever. If U look on sub-prime crisis prices went up 1500%, bitcoin went up 2500% within 1.5 year which was nice gain.
Since February huge money came to crypto market and these players know that even 100% per year is huge profit which to most crypto traders is normal day. There will be huge snowball if these huge players will remove all the money from the crypto market.
Some ppl believe in wedges and other technical terms. There is one thing to all of it. If price is going up consequently almost every week any technical analyse will work as it doesn't matter and can just help to enter the market with low risk.
I don't expect anyone to believe me it is just my point of view.
It may be that I don't know anything about this market and I'm really comfy about it if it is true.
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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.