Hello traders,
Bitcoin is still into a consolidation area, we anticipated spikes toward 8000-8200 as mentioned on the prior article and as of now it looks like it's preparing for the next leg higher towards 9200-9600.
I believe that the once the consolidation area is broken we don't have a major resistance on the upside, and we can technically go for 10.000.
We've had a great bullish candles past few months which gives out the impression of a bull run to the average investors and new comers who are treating crypto as get rich quick type of thing FOMOing their way into the markets, while on the other side we have whales and institutions and mainstream media who are orchestrating this whole thing to trap new capital into the market. Same scenario happened last year when we went from 6000 region to 10.000 and then prices plummeted.
Even on the 2017 bull run which took us to 20.000, we had a 30-40% decline before going to the all time highs, I'm taking all these things into perspective which is why I believe we are on a bull phase not an actual bull run and that we could see at least 30% pullback once reaching around 10k before forming all time highs, and that pullback will take us back to 7000 region.
However that is not the case right now, the 10.000 target is still in play, I just wanted to leave this out here as a possibility which looks healthy knowing that we haven't had a single bearish weekly closure for months which looks like it can't sustain for much longer without a pullback.
However y all means if we have a clean break of 10.000, it's all up from there.
Bitcoin is still into a consolidation area, we anticipated spikes toward 8000-8200 as mentioned on the prior article and as of now it looks like it's preparing for the next leg higher towards 9200-9600.
I believe that the once the consolidation area is broken we don't have a major resistance on the upside, and we can technically go for 10.000.
We've had a great bullish candles past few months which gives out the impression of a bull run to the average investors and new comers who are treating crypto as get rich quick type of thing FOMOing their way into the markets, while on the other side we have whales and institutions and mainstream media who are orchestrating this whole thing to trap new capital into the market. Same scenario happened last year when we went from 6000 region to 10.000 and then prices plummeted.
Even on the 2017 bull run which took us to 20.000, we had a 30-40% decline before going to the all time highs, I'm taking all these things into perspective which is why I believe we are on a bull phase not an actual bull run and that we could see at least 30% pullback once reaching around 10k before forming all time highs, and that pullback will take us back to 7000 region.
However that is not the case right now, the 10.000 target is still in play, I just wanted to leave this out here as a possibility which looks healthy knowing that we haven't had a single bearish weekly closure for months which looks like it can't sustain for much longer without a pullback.
However y all means if we have a clean break of 10.000, it's all up from there.
