Yesterday I expected us to retest $8,939 support, instead resistance at $9,750 failed to push below $9,275. Now we are in a no trade zone as far as I am concerned. Hovering right below major resistance, after it did not reach my target entry. Time to be patient and attentive to both options.
Bearish Case
Triple resistance upcoming (under arrow) from 50 day SMA, horizontal resistance and trend resistance. Bears will be lined up and most will have targets below $9,275
Bullish Case
Buyers came in strong and did not let the price get to the major support of $8,939. Then they followed up nicely with what basically looks like a double bottom. My prediction is that we will retest $10,000 in the next 4-6 hours and be back for another try at $10,200 in the next 6-24 hours. However, I am not confident in the overall direction of the market right now and will be sitting on the sidelines until
A) BTC breaks/supports $10,400
B) BTC resists $9,750 again
Happy Trading,
Sawcruhteez
Bearish Case
Triple resistance upcoming (under arrow) from 50 day SMA, horizontal resistance and trend resistance. Bears will be lined up and most will have targets below $9,275
Bullish Case
Buyers came in strong and did not let the price get to the major support of $8,939. Then they followed up nicely with what basically looks like a double bottom. My prediction is that we will retest $10,000 in the next 4-6 hours and be back for another try at $10,200 in the next 6-24 hours. However, I am not confident in the overall direction of the market right now and will be sitting on the sidelines until
A) BTC breaks/supports $10,400
B) BTC resists $9,750 again
Happy Trading,
Sawcruhteez
Comment:
Just noticed that I left the bearish arrow pointing down, my prediction is $10,200 and that is where the arrow should point.
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