We saw Bitcoin jump back up 10% of it's total value yesterday taking it up above 10k and beyond! This has all happened fast, and we now find ourselves at 10.7k around the trend line of the downtrend we have had over the past couple of months. If we were able to break through this and stay above it on the daily candle (i'd really look for 3 daily closes above),...
Well... it played out pretty nicely!
As mentioned in my previous post, we were expecting the bounce to meet resistance between 10.2-10.4k. The bulls tried REAL hard to get it through the .236 fib line and the previous support/resistance level. It nearly got to 10.5k which I didn't quite expect and was slightly nervous with the short opportunity for me coming in...
After chasing ahead of the potential right shoulder downtrend, we have seen price perfectly touch the .382 fib level, before bouncing back up.
We now find ourselves approaching the previous support, turned resistance. The volume doesn’t look high enough to force this through, and I think there’s a good chance we retrace back to test the 9.6k level again so is...
As we see Bitcoin lose 10% of it's market cap in 6 hours, it would be easy to worry of a fall to 6k and beyond (and let's be clear there is still risk!). In the short term, things do look bearish, but this could be the setup to a midterm bull market and new ATHs!
As BTC makes it way down the 9s, it will meet resistance at 9.4-9.6k. Ideally we would see a bit of...
After an initial bounce off the channel trend line, low volume trying to break through resistance at 10.8k and caused a heavy sell off down to the edge of the 10.1k support. If there is no bounce from here, the bearish downtrend might begin. Look at the 382 fib level as the first support, alongside previous resistance from early Feb at 9.6k.
Bulls need to get...
The next 48-72 hours should give us a good indicator as to whether Bitcoin can finally break the bearish trend over the past 2 months since the 20k ATH. Following an initial breakout past the long term downtrend we have seen it pull back to ~11k.
There is now potential support below in the form of the bullish channel from the past week and some previous...
