Constructive challenge to the $11,450 level. Here we go.
Big Picture Chart we All Know -
Dotted black lines (A-E) are strong ascending support/resistance levels.
Horizontal Red, Orange, or Green lines are mass perception value levels. Green are broadly confirmed, red are not broadly confirmed, orange zones are in play.
Here's the chart before and after the massive COVID liquidity event across all markets:
The Bulls have confirmed BTC value at the $8,900-9,300 level, which quickly pushed upward to the nearby "E" upward trendline, creating real upward movement.
Here's our current pause of this breakout.
Momentum, FOMO, major institutions, and most importantly previously on-the-fence retail investors have now challenged the mid $11,000s with a huge rejection at $12,000. Technical support at $10,700-10,900, and a bit of a value perception level at the mid $11,400s if fully confirmed, could mean we might not see a 4 figure BTC price again except for the occasional quick springback swing before higher levels become confirmed.
Big Picture Chart we All Know -
Dotted black lines (A-E) are strong ascending support/resistance levels.
Horizontal Red, Orange, or Green lines are mass perception value levels. Green are broadly confirmed, red are not broadly confirmed, orange zones are in play.
Here's the chart before and after the massive COVID liquidity event across all markets:
The Bulls have confirmed BTC value at the $8,900-9,300 level, which quickly pushed upward to the nearby "E" upward trendline, creating real upward movement.
Here's our current pause of this breakout.
Momentum, FOMO, major institutions, and most importantly previously on-the-fence retail investors have now challenged the mid $11,000s with a huge rejection at $12,000. Technical support at $10,700-10,900, and a bit of a value perception level at the mid $11,400s if fully confirmed, could mean we might not see a 4 figure BTC price again except for the occasional quick springback swing before higher levels become confirmed.
- If the Bulls hold the $11k handle, especially $11.4k, we could see $12,000 again at any time with potential to challenge the July '19 high.
If the Bulls cant hold $11,400, I expect we'll see sideways trading between $10,900 and $12,000.
