Hi there, just wanted to share my quick analysis on the current BTC market.
By looking at the chart, the most obvious first signs are the resistance lines around 5800 and also the 6400 area.
This shows us that if the price continues upwards to the 5800 area, but rebounds downwards, then most likely there will be more consolidation and sidewards movement.
If BTC hits 5800 and breaks it, then that resistance line may also become a point of support for future upwards and sideways trends.
People need to realize that BTC most likely won't skyrocket up to all-time highs just because of the sudden, rapid increasing trend. Because there are still two points of resistance BTC will face (I'm not saying that it won't pass these on the first go, but it's just unlikely). The 6400 resistance line is one of the most obvious ones because that's where BTC hovered around for around 6 months last year and was bouncing off regularly. Indicating it is a strong point of resistance now.
Bitcoin is still in a good time to buy, it always will be for the long run. But don't count on it to suddenly hit 20k in the upcoming months, it isn't likely (still possible). I play BTC on the volatility, and trade on the ups and downs, so it doesn't matter to me what the underlying trend is.
BTC will either hit these points of resistance and bounce off or will go upwards of them, meaning BTC may have a bullish trend for a short time. Either way, I'm happy.
Have a good day everyone, best of luck with your trades and own analyses.
Olley
By looking at the chart, the most obvious first signs are the resistance lines around 5800 and also the 6400 area.
This shows us that if the price continues upwards to the 5800 area, but rebounds downwards, then most likely there will be more consolidation and sidewards movement.
If BTC hits 5800 and breaks it, then that resistance line may also become a point of support for future upwards and sideways trends.
People need to realize that BTC most likely won't skyrocket up to all-time highs just because of the sudden, rapid increasing trend. Because there are still two points of resistance BTC will face (I'm not saying that it won't pass these on the first go, but it's just unlikely). The 6400 resistance line is one of the most obvious ones because that's where BTC hovered around for around 6 months last year and was bouncing off regularly. Indicating it is a strong point of resistance now.
Bitcoin is still in a good time to buy, it always will be for the long run. But don't count on it to suddenly hit 20k in the upcoming months, it isn't likely (still possible). I play BTC on the volatility, and trade on the ups and downs, so it doesn't matter to me what the underlying trend is.
BTC will either hit these points of resistance and bounce off or will go upwards of them, meaning BTC may have a bullish trend for a short time. Either way, I'm happy.
Have a good day everyone, best of luck with your trades and own analyses.
Olley
