Currently BTCUSD is stuck between support and resistance. At this point there is a moment of uncertaintly whether it breaks key resistance area, or support. If $9k support is broken, price can drop as low as $4.4 area, down to 88.6% Fibonacci retracement.
However, break above the resistance is likely to send price up to at least $17k or even $22k area.
For the time being Bitcoin migh start range trading, and correction down remains very likely at this stage. It is likely that only break and close above the resistance would initiate a new wave north.
However, break above the resistance is likely to send price up to at least $17k or even $22k area.
For the time being Bitcoin migh start range trading, and correction down remains very likely at this stage. It is likely that only break and close above the resistance would initiate a new wave north.
Comment:
This actually could be a short term alt season... if BTC goes to $4.3k. Considering how everyone is bullish on Bitcoin, this would be a very reasonable correction.
Trade closed: target reached