The New Bitcoin Trend?
Although timing has been difficult, I remain bullish and expect momentum to build on this move. Rallies back above $9,000 will no longer attract selling interest and there is little in the way of near-term resistance. Looking for more opportunities to buy into dips. BTC will be sticky ahead of the key Bakkt Floor and ahead of a breach there are better expressions of further downside in this view. Support in the near-term into $7,600.
On the technical side, we are right back to the bottom in the range, the same lows we have been eyeballing all year long. For those tracking since the infamous "Bakkt Floor":
Nothing has changed with the lows still holding. Bulls are not giving up and it will start sending loud messages to those who do not see the change in trend coming. A breakout of the dashed trendline will give enough to expose the important $9,000 resistance followed by my main target at $11,635 with extensions towards all time highs for the lottery ticket.
Tonight's Tokyo session is key, however I sense the BTC longs have been sufficiently cleansed that we can now begin to trade this with a reactive stance. A rise in risk will be accompanied by fresh BTC demand.
Best of luck all those in BTC and other Cryptos.
On the technical side, we are right back to the bottom in the range, the same lows we have been eyeballing all year long. For those tracking since the infamous "Bakkt Floor":
Nothing has changed with the lows still holding. Bulls are not giving up and it will start sending loud messages to those who do not see the change in trend coming. A breakout of the dashed trendline will give enough to expose the important $9,000 resistance followed by my main target at $11,635 with extensions towards all time highs for the lottery ticket.
Tonight's Tokyo session is key, however I sense the BTC longs have been sufficiently cleansed that we can now begin to trade this with a reactive stance. A rise in risk will be accompanied by fresh BTC demand.
Best of luck all those in BTC and other Cryptos.
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