Bitcoin - Range Bound? Heavy Support Below & Resistance above.
I think there are too many people that think its either 8k or 25,000 next for bitcoin. I predict a narrow boring trading range for now which may be good for the ALT coins that have been doing good when bitcoin goes sideways (like BINANCE:CNDBTC.
Bitcoin has heavy support below around 11k where it has bounced before. There is also a SMA that is converging at this same area (A on the chart). This should provide good support. However, with the low volume we have seen and lack of buying enthusiasm, I am not sure it can make it above everything that sits above. There is heavy volume between 13-15k (d on the chart) and several exponential and SMA sit in this area (C on the chart). There is also good resistance (B on the chart - the old support around 12k where we have bounced multiple times). If we do make it through all of this, we would then need to face the down channel edge that we might hit around 14.5k. My opinion is a sideways market as we try to form a bottom while bouncing around this area for a while. A lot of people are chasing better gains in the Altcoins. However, we keep getting more and more coins in the mix every month to spread the cash between. If we eventually leave the channel and break above 15k after bouncing around this area, I will be bullish towards the next test which would be the resistance level of 17.2k. Only then could we test for a new all time high (which while 19-20k would face further resistance, people might be enough past all this bearishness by then). All of that would take some time, which is why I am hesitant to be overly bullish. however, if we break the support, we seem to be finding buyers pretty fast under 10. I say its probably a sideways market trying to form a bottom.
BTCUSD
OTC:GBTC
Bitcoin has heavy support below around 11k where it has bounced before. There is also a SMA that is converging at this same area (A on the chart). This should provide good support. However, with the low volume we have seen and lack of buying enthusiasm, I am not sure it can make it above everything that sits above. There is heavy volume between 13-15k (d on the chart) and several exponential and SMA sit in this area (C on the chart). There is also good resistance (B on the chart - the old support around 12k where we have bounced multiple times). If we do make it through all of this, we would then need to face the down channel edge that we might hit around 14.5k. My opinion is a sideways market as we try to form a bottom while bouncing around this area for a while. A lot of people are chasing better gains in the Altcoins. However, we keep getting more and more coins in the mix every month to spread the cash between. If we eventually leave the channel and break above 15k after bouncing around this area, I will be bullish towards the next test which would be the resistance level of 17.2k. Only then could we test for a new all time high (which while 19-20k would face further resistance, people might be enough past all this bearishness by then). All of that would take some time, which is why I am hesitant to be overly bullish. however, if we break the support, we seem to be finding buyers pretty fast under 10. I say its probably a sideways market trying to form a bottom.
BTCUSD
OTC:GBTC