Well, there’s some data indicating that this might not be the case this time, we can see this from BTC mining data from ByteTree. They have a measure called MRI (Miners Rolling Inventory), which measures the change of BTC inventory levels held by the miners, looking at the value over the past 5-12 weeks MRI is just above 101.23% which means there's a very slight dump from the miner.Besides the fundamental mining data there is a rumor going around from multiple sources that PayPal and Venmo would be offering BTC buying and selling to their customers, and this might be the reason behind todays sharp reversal from the 9000 level back above 9300.
On a weekly time-frame nothing has changed in terms of key levels, we still haven’t broken through the 9500/10000 resistance.
The weekly trend-line is still holding, even though we had many attempts to break above, we did not manage to do it.
Apart from the key levels, trend-line and chart structure that I’ve covered in the past, I’ve implemented the on this chart. The areas with more traded volumes are the places where traders will interact again, or they might have open trades in those areas. The point of control ( ) is the red horizontal line which indicates where most of the is for the current chart.
Now, if we go back to the weekly time-frame you can see that the in this chart is exactly at the 9500 level, this further validates the importance that the 9500/10000 has.
This is why I’ve been saying that my bias will continue to be long term unless we break above this level, and as of right now given the multiple rejections we had from this area it indicates that the majority of this is .
The areas with big represent a , so by looking at the chart you can tell that the next level that has a significant amount of is the sub 7000 region, I’ve highlighted this level with the green as a potential long term target if we continue rejecting the 10000 resistance