First of all, let me say "Merry Christmas", and then, let's take a look at the daily chart of my favorite digital asset, i.e. BTC. It is obvious that 7600-7800 is a very important key zone which determines the price direction. In October it was a strong support zone and now it is a strong resistance one. In both cases, there is a side movement near this key zone.
Let's see what happened at that time when this key zone was violated. A fake break-out followed by an aggressive bullish movement made it possible to come below this zone. Then, what happened? a side movement right beneath this zone with several break-out rejections.
So, what next? I think it is possible that this key zone is acting as a mirror line now. If I'm right, a fake break-out, aggressive bearish movement, and finally, a bullish movement, that has enough strength to break-out this zone, will happen in a row not far from now. If this is true, rough target prices are 8000, 5500, and 10000, respectively.
Maybe this is the scenario and maybe it is not. Anyway, we need to wait for confirmation.
Good Luck!!
Let's see what happened at that time when this key zone was violated. A fake break-out followed by an aggressive bullish movement made it possible to come below this zone. Then, what happened? a side movement right beneath this zone with several break-out rejections.
So, what next? I think it is possible that this key zone is acting as a mirror line now. If I'm right, a fake break-out, aggressive bearish movement, and finally, a bullish movement, that has enough strength to break-out this zone, will happen in a row not far from now. If this is true, rough target prices are 8000, 5500, and 10000, respectively.
Maybe this is the scenario and maybe it is not. Anyway, we need to wait for confirmation.
Good Luck!!
