BTCUSD pair was struggling over the last 24 hours. Bitcoin has been absolutely pummelled after the well-documented break above $10,000. The daily candle from the last session would have been a shooting star. This is a very negative sign, but currently it looks the $9400 level is offering support. If it gives way to selling pressure, expect a run down to the $9000 level. If support holds, the uptrend could take BTCUSD above $10,600.
But on longer time frame I'm not so optimistic. Weekly and daily charts on Bitcoin are looking way overextended for healthy growth. The last time that Bitcoin had a negative week was in beginning of NOV, since than we only saw one way – up. From technical perspective a retracement back under $6,000 is possible and the first strong support is just under $5,000. From there, Bitcoin can start building bullish momentum again. I see this scenario very possible before we get any further leg up.
But on longer time frame I'm not so optimistic. Weekly and daily charts on Bitcoin are looking way overextended for healthy growth. The last time that Bitcoin had a negative week was in beginning of NOV, since than we only saw one way – up. From technical perspective a retracement back under $6,000 is possible and the first strong support is just under $5,000. From there, Bitcoin can start building bullish momentum again. I see this scenario very possible before we get any further leg up.
Comment:
I made this call on 1 DEC....was a bit too soon..but my target is still in play.
Comment:
A call from DEC when everybody thought its impossible ...right on target!!