Bitcoin needs to really push from here and breakthrough this range bound and resistance area otherwise it will collapse entirely all the way towards 2000 area. The rally looks weak and the over head resistance and 10,000 psychology mark needs to be taken out for any upside bullish sentiment to take place.
As of now i am very bearish and expect the price to fall drastically unless it reaches and closes above 11700 area. We should also keep in mind that banks have set up their crypto trading floors (GOLDMAN) and will be getting into this space to keep the
price lower and short the futures market. 2nd quarter earnings will start in June and they will be looking to play crypto madness soon and would love to take over the futures market. From the technical's stand point the price 2000/3000 sits well with the charts as well. We will however see that massive upside trade in BTCUSD if it drops to that level as there will be some big players waiting to get into that level as the downside risk will be far less than the upside.
As of now i am very bearish and expect the price to fall drastically unless it reaches and closes above 11700 area. We should also keep in mind that banks have set up their crypto trading floors (GOLDMAN) and will be getting into this space to keep the
price lower and short the futures market. 2nd quarter earnings will start in June and they will be looking to play crypto madness soon and would love to take over the futures market. From the technical's stand point the price 2000/3000 sits well with the charts as well. We will however see that massive upside trade in BTCUSD if it drops to that level as there will be some big players waiting to get into that level as the downside risk will be far less than the upside.
