DeCryptoKnights

8.5k to determine who ceases control next

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin correctly fell to the 8k support, filling up the 1st gap in the BTC CME futures as mentioned in my previous idea.
However, i was caught by the upside surprise towards the 9k level (which i have identified as well), before the plummet to 8k.

Moving forward, tbh i have no idea what the next move will be?

But i have a feeling that the 8.5k is a crucial line in the sand to see if the bulls or bears regain control for the shorter term.
I am confident that the gap in the CME futures , which is around 7.2k in the BTC chart will eventually be filled. But i am just worried about the potential upside towards the 10k resistance.

If the bulls regain control and pass the 8.5k mark, i can see them trying to push the price up to test the 9k resistance again. If breaks, we should see 10k next.
However, if the bears is able to suppress the bulls and holdout below the 8.5k mark, it is very likely that they may push price downwards to the 7.2k support filling the gap. If this does happen, we can expect a slight bounce after the gap is filled, just like what happened previously when a gap is filled.

Thus, the 8.5k mark is a level that i will watch for closely the next few days.

On a longer term, i believe that bitcoin will give us another buying opportunity at 5.5k.

3.1k is likely the bottom, given the buying pressure, i cannot imagine price to go that low again.

That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely weekend :) I will be catching the champions league final. Let me know which team you guys are rooting for hahaha.

Comment: i took a long trade at 8600+ as price action seems rather bullish towards the upside. Highly likely we will retest the 9k resistance again. If we break the high made a few days ago, we probably gonna hit 10k and i am expecting a sharp reversal from there as well.

Comments