$10500 as the next anticipated region before the halving
Bitcoin has shown us a very strong action of bullish that is now trying to approach the upper line of the down trend channel that has held the price since June 2019. With today's move of the 15%+ gain in 1 single day of trading session, the price has broken out of the strong resistance area and the liquidation zone. There are few things I want to highlight related to this current upside moves.
The first thing is that there is a failure in the rising wedge with a break out of the upper line of the falling wedge. This action usually gives a confirmation of super bullish market with a huge parabolic movement in the market. And there is other thing that is crucial for me is that the price has already broken out of the liquidation zone around $8200 region which is a good sign.
The 2nd thing is that for the first time since February 2020, the RSI level is now approaching the previous high around 75 level which is very close to the 80 level as the range for extra bullish market. We must anticipate if the RSI can breached the 80 level on daily, there will be a very bullish market ahead. But, if it tops at current level and it gets back to below 60, there will be another bearish push.
The last thing is that we have to anticipate the potential fake break out of current down trend channel. As you can see, the price is very close to the upper line of the channel and the next resistance zone around $9200 - $9400 . There will be a lot of squeezing moves that we can anticipate from now. The key factor for current market's price will be on the halving that is going to happen in the next 12 days. And due to this event takes place and with the current bitcoin's behavior, I won't be surprised is the price can have a spike to the $10500 region right before the halving.
The first thing is that there is a failure in the rising wedge with a break out of the upper line of the falling wedge. This action usually gives a confirmation of super bullish market with a huge parabolic movement in the market. And there is other thing that is crucial for me is that the price has already broken out of the liquidation zone around $8200 region which is a good sign.
The 2nd thing is that for the first time since February 2020, the RSI level is now approaching the previous high around 75 level which is very close to the 80 level as the range for extra bullish market. We must anticipate if the RSI can breached the 80 level on daily, there will be a very bullish market ahead. But, if it tops at current level and it gets back to below 60, there will be another bearish push.
The last thing is that we have to anticipate the potential fake break out of current down trend channel. As you can see, the price is very close to the upper line of the channel and the next resistance zone around $9200 - $9400 . There will be a lot of squeezing moves that we can anticipate from now. The key factor for current market's price will be on the halving that is going to happen in the next 12 days. And due to this event takes place and with the current bitcoin's behavior, I won't be surprised is the price can have a spike to the $10500 region right before the halving.
