BTC's pricing has stabilized quite a bit in a sideways wedge formation. Taking a look at the top, we can expect BTC to move up to 9300-9500 in the short-term. As SPX becomes more turbulent and loses ground, BTC will drop back down to the high 5000s, where it will once again begin its ascent to stabilize around the 7200 mark.
@formalrisk, thanks & whats your view about short term move any correction or straight up from here?
formalrisk
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@umairceo, Depends on markets Monday morning. BTC is going to continue testing 7500 resistance. If Monday opens weak, which I think it will, resistance will fail and BTC will head back to 7200 support. It'll linger there before getting picked up cheap again and push 7800 as new resistance, 7500 new support. I strongly believe 7500 will fail at least once as resistance. I'm waiting for 7200; if BTC heads up to 7800, I'll wait for it retrace to new support of 7500 before re-entry.
I'm playing the weekend in cash. Next week is going to be a rough one for earnings. I'm confident that'll translate into BTC prices, and it'll revisit 7200.
umairceo
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@formalrisk, I am also waiting for 7200 as its dangerous to long or short here coz its hanging in middle