Short Term corrections before heading to The Moon
Looks like there isn't enough power for the market to penetrate the resistance at 46800. IMO in order to reach a new high and to break the resistance range the market has to exhaust all supply and push down to a lower level of support at about the 43500 to 42000 range in order to attract more institutional traders into the market
However this is only a short term trading strategy that could last at least 1-2 Days for now. My overall Analysis for the market is very bullish in the mid to long range.
How I arrived to the conclusion of a pullback here is by observing the Fibonacci levels which clearly show retracements around the 36.5% level and also the RSI indicator which shows signs that market is overbought.
But if the market manage to break the previous resistance levels today then there's a higher probability for BTC to rocket to the Moon.
IMPORTANT LEVELS TO OBSERVE
RESISTANCE : 47000 TO 48900
SUPPORT : 43800 TO 42500
However this is only a short term trading strategy that could last at least 1-2 Days for now. My overall Analysis for the market is very bullish in the mid to long range.
How I arrived to the conclusion of a pullback here is by observing the Fibonacci levels which clearly show retracements around the 36.5% level and also the RSI indicator which shows signs that market is overbought.
But if the market manage to break the previous resistance levels today then there's a higher probability for BTC to rocket to the Moon.
IMPORTANT LEVELS TO OBSERVE
RESISTANCE : 47000 TO 48900
SUPPORT : 43800 TO 42500
Penafian
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