Bitcoin is blasting through resistance levels, but the problem is that if it goes up this fast without building any support, the price can easily fall back down.
13800 and 12500 zone are likely bottom targets as they are strong support levels.
After properly backtesting support levels the ATH is ready to be taken out.
I share your view, a correction should occur, but what could spark it?
Yesterday drop (Sunday the 22th of Nov) was abrupt but quickly bought back for example...
I'm looking to as much source of information as I can about the actual market situation, very few are those calling for caution.
Signs of an overheating market are here, but they simply seem to be overshadowed by the bullish narrative...
7 straight greens weekly candle is not reasonable...
CivilisedWolf
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@Morchella, I agree the market is overextended, this is not a strong setup to break the all time high. It's always like that where the bulls are screaming loud near the top, overshadowing what's really going on like you also stated. If we do not break 20k soon, the reversal is very likely. ATH is a serious resistance level, you want to properly approach such a level, not like this in a straight line up, we haven't build strong supports, the stronger supports are far below us 13800 and 12500
Morchella
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@VincentBoudewijn, thank you for your reply.
Something funny that struck my attention: people are praising BTC for it's long term potential vs inflation (the digital gold narrative), but are in the same time jumping like crazy on 1k daily pumps, not very rational... Is it a long term investment or a penny stock lol?
Not very expert in technical analysis, but the progression we had up until to October seemed pretty healthy, now... and you're seeing nothing burger like XRP suddenly pumping almost 100% in less than a week for no legit reason...
Yesterday drop (Sunday the 22th of Nov) was abrupt but quickly bought back for example...
I'm looking to as much source of information as I can about the actual market situation, very few are those calling for caution.
Signs of an overheating market are here, but they simply seem to be overshadowed by the bullish narrative...
7 straight greens weekly candle is not reasonable...