Bitcoin has been awful to trade for a while now and continues to consolidate. I've seen a lot of people posting bias analysis here because they can't figure out the current trend rationally, so I've posted my 2 cents here with a balanced analysis so that you don't lose money on the impending move.
Bitcoin is trading smack bang on the side-wards resistance/support line at 6560 at the moment, and looks poised to stay for a bit longer. There's 2 outcomes here that are likely to ensue, and both are honestly as equally likely as each other in probability. When price gets locked in like this it's tough as a technical analyst however good or experienced you are because it's just so 50/50. Onto the scenarios
Btc could do the following things
1) Btc could rally from here, decisively breaking side-wards resistance and breaking to the upside with a potential target of around 7240 (Previous swing high)
2) Price could nudge lower, hitting the 50 moving average as a support level, before getting momentum from here to go to the upside, doing the same as scenario 1 and hitting target of 7240 which is the previous swing high level.
3) Price goes even lower, hitting horizontal support zone at 6130 before anymore up move.
Bear in mind if scenario 3 plays out, hitting the 7240 upside target is VERY unlikely. Instead, price would likely just retest the side-wards resistance again and remain in the triangle.
Where do YOU think price is headed? Leave a comment with a chart and et's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Bitcoin is trading smack bang on the side-wards resistance/support line at 6560 at the moment, and looks poised to stay for a bit longer. There's 2 outcomes here that are likely to ensue, and both are honestly as equally likely as each other in probability. When price gets locked in like this it's tough as a technical analyst however good or experienced you are because it's just so 50/50. Onto the scenarios
Btc could do the following things
1) Btc could rally from here, decisively breaking side-wards resistance and breaking to the upside with a potential target of around 7240 (Previous swing high)
2) Price could nudge lower, hitting the 50 moving average as a support level, before getting momentum from here to go to the upside, doing the same as scenario 1 and hitting target of 7240 which is the previous swing high level.
3) Price goes even lower, hitting horizontal support zone at 6130 before anymore up move.
Bear in mind if scenario 3 plays out, hitting the 7240 upside target is VERY unlikely. Instead, price would likely just retest the side-wards resistance again and remain in the triangle.
Where do YOU think price is headed? Leave a comment with a chart and et's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.