When you look at the chart we can see that we are nearing the apex of another triangle. Although we broke bullish this weekend, the chances of the long awaited correction are still there.
IF the triangle is broken and we go below the previous ATH, we can expect a drop to 8100/7900. When the 100MA and 200MA on the daily are broken we can see a drop to even lower levels to around 6700.
WHEN we break bullish we can expect a run up to about 11000, if we manage to break the resistance around 9800. Chances are slim, but looking at the overall market the past few months there is no scenario crazy enough.
This being said, there are two scenario's once again. Looking at the past few month BTC holders are afraid to sell their coin. On the other hand people are keeping on buying like their lives depend on it. We do need to realize that there are a lot of stops in play around 8300. Once these are broken by a stop hunt for instance (happend a lot the past weeks), we can see a dramatic dump due to sell orders activated.
IF the triangle is broken and we go below the previous ATH, we can expect a drop to 8100/7900. When the 100MA and 200MA on the daily are broken we can see a drop to even lower levels to around 6700.
WHEN we break bullish we can expect a run up to about 11000, if we manage to break the resistance around 9800. Chances are slim, but looking at the overall market the past few months there is no scenario crazy enough.
This being said, there are two scenario's once again. Looking at the past few month BTC holders are afraid to sell their coin. On the other hand people are keeping on buying like their lives depend on it. We do need to realize that there are a lot of stops in play around 8300. Once these are broken by a stop hunt for instance (happend a lot the past weeks), we can see a dramatic dump due to sell orders activated.