Bitcoin aiming for $9,500 - $10,000 already ?
Hi all,
So, on Friday we did re-test $9,300 as expected and what we saw on Saturday was a solid breakout attempt, which allowed BTC to reach $9,705 after it managed to rebound from the local uptrend line (purple)
On Sunday, May 31, the double top formation, which was in the making on the 1-h chart was invalidated and BTC climbed out of the bull flag that was visible on the smaller timeframes.
Still, it fell down in the evening and closed the day at $9,420.
Although we closed with a solid green candle on weekly, bitcoin could not print a new high and remained below $9,600
On monthly, however, it is more than clear we successfully escaped from the 2.5 year-long downtrends and will be chasing the horizontal resistances in the next weeks/months.
Now, back to day-to-day business. On the 4-h chart BTC price still floats above the uptrend line, but keeps hitting $9,600 without being able to break it. I'm afraid if volumes start to decrease (and they are slightly lower now on Monday compared to Fri-Sun period) we might be in for a short pullback, possibly to $9,300-$9,000.
Targets up are: $9,600 then $9,700 (where the previous weekly high was) and the diagonal resistance, which is now in line with $9,500 - $10,000 zone.
Cheers,
So, on Friday we did re-test $9,300 as expected and what we saw on Saturday was a solid breakout attempt, which allowed BTC to reach $9,705 after it managed to rebound from the local uptrend line (purple)
On Sunday, May 31, the double top formation, which was in the making on the 1-h chart was invalidated and BTC climbed out of the bull flag that was visible on the smaller timeframes.
Still, it fell down in the evening and closed the day at $9,420.
Although we closed with a solid green candle on weekly, bitcoin could not print a new high and remained below $9,600
On monthly, however, it is more than clear we successfully escaped from the 2.5 year-long downtrends and will be chasing the horizontal resistances in the next weeks/months.
Now, back to day-to-day business. On the 4-h chart BTC price still floats above the uptrend line, but keeps hitting $9,600 without being able to break it. I'm afraid if volumes start to decrease (and they are slightly lower now on Monday compared to Fri-Sun period) we might be in for a short pullback, possibly to $9,300-$9,000.
Targets up are: $9,600 then $9,700 (where the previous weekly high was) and the diagonal resistance, which is now in line with $9,500 - $10,000 zone.
Cheers,
A short pullback is in the cards, but what is important is to see a daily close above $10,000.
As discussed in one of my updates a few weeks ago, the $10,360 level is not just a random number, but quite a heavy level as it was reached several times already in the last 7-8 months.
It was also seen as a major barrier in front of bulls back in 2018:
This is also part of my analysis in an old idea I published here: