Which way will bitcoin break?
There is uncertainty in the market.
- bitcoin recently has been putting in higher lows and lower highs.
- If bitcoin breaks downwards we could be waiting a whole lot longer for a market cycle top, and alt coins will get hit harder than they already have been.
- On the flipside bitcoin is facing numerous bands of resistance (notably rejected by the 21W-EMA & 100D-MA) as it tries to push defiantly above 40k.
There are reasons to be optimistic:
- bitcoin recently has been putting in higher lows and lower highs.
- If bitcoin breaks downwards we could be waiting a whole lot longer for a market cycle top, and alt coins will get hit harder than they already have been.
- On the flipside bitcoin is facing numerous bands of resistance (notably rejected by the 21W-EMA & 100D-MA) as it tries to push defiantly above 40k.
There are reasons to be optimistic:
- We've been trading in the ≈30k to ≈
65K range for over 400+ days now. - seems like bitcoin has become comfortable at this high of an evaluation and could be ready to head higher in the near future.
- long wicks towards the bottom of these lows indicate high buying pressure at these dips.
Penafian
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