All very exciting watching BTC rally upward. Internet is now calling for $10-11-12k and beyond. I remain unconvinced for the moment. It seems to me the RSI resistance on the 4-day chart remains in play. I would much rather it was support, and I think it'll become that in the weeks ahead. Also the amount of new money entering the market is wafer thin... so be careful.
What do I expect? If $10.5k becomes support (assuming $9.7k is not rejected), we're very likely to move onto $14k and quickly. Otherwise a revisit $3k, and quickly! I know that sounds unlikely, however that's what the chart would suggest. I also believe it'll be a quick event, not something that'll drag out for weeks.
$9700 is the key number to watch in the near term. Rejection from here would be a warning shot across the bow.
The 3-day chart show we're approaching resistance in price action.
What do I expect? If $10.5k becomes support (assuming $9.7k is not rejected), we're very likely to move onto $14k and quickly. Otherwise a revisit $3k, and quickly! I know that sounds unlikely, however that's what the chart would suggest. I also believe it'll be a quick event, not something that'll drag out for weeks.
$9700 is the key number to watch in the near term. Rejection from here would be a warning shot across the bow.
The 3-day chart show we're approaching resistance in price action.
Note
As odd as it sounds, this idea remains solid from my point of view. I wish it was not - even though the above resistance was broken, we've yet to test it as support.Price action remains hopelessly tied to the US equity market following the recent collapse in the value of the dollar. Everything went up in value against the dollar, not just Bitcoin. So in my eyes it is a mistake to view the dollar increase in Bitcoin as some new bullish breakout.
Price action is currently at resistance -if you're a buyer - BE patient, price action will come to you.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.