#bitcoin - New Monthly Pivot Resistance
Bitcoin bounced off the key-level support and Quarterly Pivot forming the final horizontal for the rather bearish descending triangle and this happened with rising bullish volume. At the moment it is again (as we already experienced many times during this consolidation) stuck at September´s Monthly Pivot, which is roughly $300 lower than August´s due to the bearish tendency. A today´s close above this level today would very likely push us up to the marked Hot Spot area, where we will find us again at significant decision pressure. So, for now, 11.3k would be the goal to reach. Please don´t forget that this a pattern with better bearish odds, this does not necessarily mean that Bitcoin cannot break this upwards and surprise us. I personally would consider a failure to overcome P-M as bearish. The range for this is another 1-3 days until it becomes ugly.
As usual, I have labeled important price values.
Trade safe set stops.
_____________________________
Warm regards,
Neru
You find me here: t.me/nerugroup
As usual, I have labeled important price values.
Trade safe set stops.
_____________________________
Warm regards,
Neru
You find me here: t.me/nerugroup
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