Hi,
it seems that the bulls aren't slowing down! As predicted, after a little dreary moment of consolidation, the bulls successfully penetrated the 9-9.1k resistance. Now many would be thinking - what do we do now? Since the target has been met should we close our positions?
I cannot say for sure - a lot of the indicators show that BTC is currently overbought. We would need a lot of consolidation to have the strength to go further - to 9.8k level and to 11.6-7k level. But BTC hasn't been following such technical analysis quite lately. For instance, when BTC failed to overcome 9k resistance almost three times, many predicted that the resistance has been confirmed and therefore BTC would now have a correction down to at least mid-8k. But as I have said in my previous TA, such violent correction was less likely to occur given the market sentiments and the displayed strength of the bulls. And it turned out that we did not go down but only had sideway movements.
As such, I myself would be holding to my portfolio. I would not start selling unless I see a breakdown back below 9k or a failed attempt to go over 9.8k. Especially if you are holding alts at the moment. Alts will have their own movements unless BTC breaks down violently. But of course, this is just my view and an idea beyond technical analysis. So all investments should be made in accordance with the risk you can manage. If you are a more conservative trader, it's best to take in profits when technicalities show that there is a likely correction.
Anyhow, good luck trading and thanks for reading!
it seems that the bulls aren't slowing down! As predicted, after a little dreary moment of consolidation, the bulls successfully penetrated the 9-9.1k resistance. Now many would be thinking - what do we do now? Since the target has been met should we close our positions?
I cannot say for sure - a lot of the indicators show that BTC is currently overbought. We would need a lot of consolidation to have the strength to go further - to 9.8k level and to 11.6-7k level. But BTC hasn't been following such technical analysis quite lately. For instance, when BTC failed to overcome 9k resistance almost three times, many predicted that the resistance has been confirmed and therefore BTC would now have a correction down to at least mid-8k. But as I have said in my previous TA, such violent correction was less likely to occur given the market sentiments and the displayed strength of the bulls. And it turned out that we did not go down but only had sideway movements.
As such, I myself would be holding to my portfolio. I would not start selling unless I see a breakdown back below 9k or a failed attempt to go over 9.8k. Especially if you are holding alts at the moment. Alts will have their own movements unless BTC breaks down violently. But of course, this is just my view and an idea beyond technical analysis. So all investments should be made in accordance with the risk you can manage. If you are a more conservative trader, it's best to take in profits when technicalities show that there is a likely correction.
Anyhow, good luck trading and thanks for reading!