Hi friends, We've had a glorious run in Bitcoin and crypto in recent weeks. On the weekly chart of Bitcoin we can see the high $9k range has shown significant support and resistance in the past, it's also close to the significant $10k mark. Given the length of the straight line parabolic trajectory we have experienced recently things are starting to look toppy. Somewhere between $9k and $10k would be a probable turning point for Bitcoin and the crypto market overall. In the bullish scenario, we would expect a drop of more than 30% down to the 70 week moving average before resuming the bullish direction. If we don't hold that moving average we could find a bottom at the 50 week moving average, or return down to the 200 week moving average for a retest there.
Happy trading!
JA
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Happy trading!
JA
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***