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What a week for the market!
Bitcoin is usually first to respond and drags the alts with it when the market moves. But not so fast... it was the opposite this time. The market has been itching to move since Bitcoin was accumulating under $7K.
Fast forward to the present and oh how the market viewpoint has changed.Bitcoin is fighting to break the heavy upward resistance at $9,250 - $9,450. Once Bitcoin broke the downward resistance trend line, our eyes were on the $9,000 - $9,250 heavy resistance zone and Bitcoinis currently in an upward bullish pennant htting the resistance wall. If BTC pushes through this resistance at the 23.6% LT FIB retracement, there is nothing but green pastures back up to $11,500.
I've drawn a potential head & shoulders pattern to illustrate the other outcome, a bearish divergance. If the bullish pennant support line were to break, we've identified three support levels forBTC. The critical level of support would be the zone between $7,800 - $7,950. If BTC falls below this line and doesn't complete the head & shoulders pattern, well then we can expect to create new low targets.
So far, the alts have been the one to push this market forward and dragBTC up along with it. The alts have not slowed down to wait for Bitcoin to catch up. If this trend continues, we expect BTC to break the heavy resistance from $9,250 - $9,450.
Follow us on Twitter, listen to our podcast and stay current on our latest action in the crypto market. Making money in bear!
As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR
What a week for the market!
Bitcoin is usually first to respond and drags the alts with it when the market moves. But not so fast... it was the opposite this time. The market has been itching to move since Bitcoin was accumulating under $7K.Fast forward to the present and oh how the market viewpoint has changed.
Bitcoin is fighting to break the heavy upward resistance at $9,250 - $9,450. Once Bitcoin broke the downward resistance trend line, our eyes were on the $9,000 - $9,250 heavy resistance zone and Bitcoinis currently in an upward bullish pennant htting the resistance wall. If BTC pushes through this resistance at the 23.6% LT FIB retracement, there is nothing but green pastures back up to $11,500.I've drawn a potential head & shoulders pattern to illustrate the other outcome, a bearish divergance. If the bullish pennant support line were to break, we've identified three support levels for
BTC. The critical level of support would be the zone between $7,800 - $7,950. If BTC falls below this line and doesn't complete the head & shoulders pattern, well then we can expect to create new low targets.So far, the alts have been the one to push this market forward and drag
BTC up along with it. The alts have not slowed down to wait for Bitcoin to catch up. If this trend continues, we expect BTC to break the heavy resistance from $9,250 - $9,450. Follow us on Twitter, listen to our podcast and stay current on our latest action in the crypto market. Making money in bear!
As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.