Triple Top - Ready to pop
Looking on the left 2 day chart, you can see this is the main support/resistance level from prior run ups. Ideally we get a breakout through this resistance and a retest of this level, confirming support, and buying pressure above.
This will send it over 7 easily, and to stay conservative, my first target is 7.5. Beyond that will be runners and dip buying.
Looking for Bitcoin to consolidate after its recent ATH break through 94k today. Consolidation will allow money to flow around through alts. With this one being so tight, we only need a little bit of that volume to breakout.
This will send it over 7 easily, and to stay conservative, my first target is 7.5. Beyond that will be runners and dip buying.
Looking for Bitcoin to consolidate after its recent ATH break through 94k today. Consolidation will allow money to flow around through alts. With this one being so tight, we only need a little bit of that volume to breakout.
Trade active
11$ top has been hit, and we clearly sold off from it. Reasonably so as we are up several hundred % from the lows. I expect some further sideways consolidation at this 7-11 range. And IF we breakout, next stop is 15-30. I know a 15 point range might seem like alot. But historically, price trading above these current levels has a very wide range.
If we get a big breakout from 11, lets just say for example's sake, all the way to 20. Ideally, we get a solid multiday pullback to this 10-11 range high. This current range high is a multiyear historical level. So there will be alot of trading done at these levels. A breakout will leave buyers behind and sellers in shock. Which is why we want to see a pullback to this level, to give the buyers another chance to load more and sellers a chance to exit breakeven or continue to provide liquidity for the bullmove.
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