Hey guys,
So following this little bull run that BTC has had over the past few days, I decided to draw up predictions for the next 12h using the hourly over the past 3 days.
1 - Best case scenario: If BTC manages to break the 1050 resistance zone (the red zone it is currently in), into the blue channel, we might see a good old bull run, we could even see it going past the 1120 mark - which has been acting as a ceiling over the past few weeks.
2 - 1120 ceiling: BTC bulls tire the bears out, and BTC manages to break the proverbial 1050 resistance line (the red zone) and makes it into the blue channel. Not to be pessimistic, but in this situation, BTC will once again find itself at the 1120 ceiling, unless bulls really step it up today!
3 - Sideways: This is what we have observed over the past day or two - sideways movement. BTC seems unable to break the 1050 resistance zone. This could be the most likely scenario. Depends how bullish or bearish you are about BTC.
4 - 1050 resistancehits back: In this scenario, BTC is sent packing (once again) at the 1050 mark, however it will surely see support at 950 (or even before), as this has proven to be an area of heavy support over the past few days. (See the blue zone at the bottom left)
Anyways, I'd be careful about trading BTC right now. Good luck!
~Callum~
So following this little bull run that BTC has had over the past few days, I decided to draw up predictions for the next 12h using the hourly over the past 3 days.
1 - Best case scenario: If BTC manages to break the 1050 resistance zone (the red zone it is currently in), into the blue channel, we might see a good old bull run, we could even see it going past the 1120 mark - which has been acting as a ceiling over the past few weeks.
2 - 1120 ceiling: BTC bulls tire the bears out, and BTC manages to break the proverbial 1050 resistance line (the red zone) and makes it into the blue channel. Not to be pessimistic, but in this situation, BTC will once again find itself at the 1120 ceiling, unless bulls really step it up today!
3 - Sideways: This is what we have observed over the past day or two - sideways movement. BTC seems unable to break the 1050 resistance zone. This could be the most likely scenario. Depends how bullish or bearish you are about BTC.
4 - 1050 resistancehits back: In this scenario, BTC is sent packing (once again) at the 1050 mark, however it will surely see support at 950 (or even before), as this has proven to be an area of heavy support over the past few days. (See the blue zone at the bottom left)
Anyways, I'd be careful about trading BTC right now. Good luck!
~Callum~
Comment:
Looks like scenario #4 is playing out! Short.
Comment:
Option number seeming more likely! Would short, but that's your call!
~Callum~
Option number seeming more likely! Would short, but that's your call!
~Callum~