With the recent rally of 10%+ over the last few days, it seems clear that the resistance level of $2750 has rejected price action and pushed the price 100 points down just in one day. Was the sudden spike on monday and tuesday morning a result of false optimism with respect to Coronavirus cases and deaths in the USA or just investor sentiment amidst the rumors of...
Let's remember what happened in 2018 after a huge 2017. Bitcoin entered a triangle pattern with strong support at $6000 and each bounce reaching triangle boundaries but never breaking out. Alas, towards the end Bitcoin finally broke support and collapsed to sub $4000 levels.
Fast forward to 2020 and after a huge 2019, Bitcoin is once again inside another triangle...
Right now Bitcoin looks to consolidate below $3900 and depending on today’s close, the probability of further consolidation around $3700 might further increase. A follow through to take the previous local highs at $4100 looks like a foregone conclusion and a high probability outcome.
What will be interesting to see is how high can this rally go. We are looking at...
Key areas of interest now lie in the $120-$125 support area and $145-$150 resistance.
A close below $120 would not necessarily invalidate the scenario but would definitely lower the probability of justifying the $170-$180 target. Historically, hard forks have mostly been bullish events and we expect this hard fork to be no different. What’s more likely to happen...
