Sep 10 - Bitcoin resistance/support levels & buy/sell zones
We are nearing a breakout moment of a mid/long term bullish triangle/pennant pattern. Keep an eye out for breakouts! Previous highs (both strong and weak ones) at around 11k, 11k3, 12k4, 13k, 13k2 and 13k9 need to be broken for the potential of longer term bullish moves.
Historically, however, bitcoin has had a tendency to break towards the downside from such patterns, like how we went down from the 6k levels to 3k levels. Hence, we could very well see downward moves toward 9k and 7k regions and in probably the worst case 6k regions in Nov 2018.
There seems to be more room and towards the upside though. Also, fundamentally, with ETFs starting to take root, bitcoin dominance being strong and being a potential hedge for an upcoming economic recession, are all bullish signs. RSI shows a bearish divergence, making a case for upwards movement as well.
Historically, however, bitcoin has had a tendency to break towards the downside from such patterns, like how we went down from the 6k levels to 3k levels. Hence, we could very well see downward moves toward 9k and 7k regions and in probably the worst case 6k regions in Nov 2018.
There seems to be more room and towards the upside though. Also, fundamentally, with ETFs starting to take root, bitcoin dominance being strong and being a potential hedge for an upcoming economic recession, are all bullish signs. RSI shows a bearish divergence, making a case for upwards movement as well.
