Hi guys !
So we just got a reversal from 7.2k to 8.8k, but now what ? Will BTC fly high ? Well maybe, but Bitcoin will face some strong resistances before. To me, when I look at the daily chart, The turning point is somewhere around 9.5k. This spot could be determinant between the prolongation of the bear market and... The end of it ! BTC is far from being out of the woods for now, but if we see a break out thru this 9.5k area, that will be really positive.
However, I think 9.5k could stop the bull reversal and keep BTC in bear mode. Why ? Look at the red circle, Bitcoin will have to pass thru the 200 daily sma, the 50 daily sma, the 38% fib retrace, the blue line resistance and the strongest of the fifth resistances : the big downtrend line (yellow line). Those are all big resistances, at approximately the same place... That will be really hard to break.
So I guess we just have to sit and watch now.
I will update you soon,
Fred
So we just got a reversal from 7.2k to 8.8k, but now what ? Will BTC fly high ? Well maybe, but Bitcoin will face some strong resistances before. To me, when I look at the daily chart, The turning point is somewhere around 9.5k. This spot could be determinant between the prolongation of the bear market and... The end of it ! BTC is far from being out of the woods for now, but if we see a break out thru this 9.5k area, that will be really positive.
However, I think 9.5k could stop the bull reversal and keep BTC in bear mode. Why ? Look at the red circle, Bitcoin will have to pass thru the 200 daily sma, the 50 daily sma, the 38% fib retrace, the blue line resistance and the strongest of the fifth resistances : the big downtrend line (yellow line). Those are all big resistances, at approximately the same place... That will be really hard to break.
So I guess we just have to sit and watch now.
I will update you soon,
Fred
Comment:
As expected, Bitcoin struggle at the 9k zone and was rejected from it's 200 daily sma. Let's see the next BTC move... It will be really important.
