MachiavelliTrader

Bitcoin is Bullish, expect reaction around 50k resistance area

MachiavelliTrader Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin is caught up in pause(sideways move) but yet we see Bitcoin bulls are now looking more and more desperate by each passing moment, its so obvious they are eager to break the current 48k resistance even after countless hit and push down from the sellers, we see buyers coming back after each failure.
This is a good thing but then a resistance is an area not a line, and the current resisitance ranges from 48k up to 52k range. This only means that bulls will be facing a serious war around the 50k to 51k range if the white arrow on the chart move plays out(if bulls succeed in holding down the current light support). if they fail to hold up then price has no choice but to go down to 42k support area for a stronger support to find enough buyers to break above the 52k resistance.
now this does not necessary mean we will see it hit 42k exactly, we could see price form a new higher low to maintain the current bull market structure or break it(the chances of breaking the current bull structure is low).
Patient will be the best option as buying the current zone could see some bounce but chances of that bounce going above 50k to 52k before apush down is high.
Comment:
BTC bulls made it to 50k 🦍 but then there lies the bigger deal.....the bulls could get trapped here and pushed down because of the area of resistance extends from 48k all the way to 52k of which the effect is the strongest of this is the middle which happen to be 50k to 51k range(expect a reaction here but the bulls will still win at the end as higher timeframe still favours the bulls than bears

Disclaimer

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.