All right guys so BTC finally drop down to 9.2k and then pump over 10k. So now what's next ? We have some resistance around 10.5k. First the daily 50 sma, the 50 4h sma and the 200 1h sma are at the same level in the 10.4k zone. Second, the order books show sell walls around 10.5k and third, the 23% fib retracement is there to show us some resistance too. If bulls can break thru that level we should easily go test the 10.9k area. As you can see on the chart, this will be a super strong resistance for BTC. If we break 10.9k we should go retest 12k and go see the 13k resistance. If BTC can't break 10.9k, then we'll probably see more sell off and go back to 9 - 9.5k and maybe even lower. 10.4, 10.9 and 12k are key levels for bitcoin now. If we can pass thru those levels and hit 13k we'll probably go sideways between 11k to 13k for a while and then break 13k. In the current situation, since BTC break his short term downtrend this morning (break thru the green line) and the RSI shows us some bullish divergence, i'm more bullish than bearish in the short term and I think we have a 60% chance to see BTC go test 13k in a near future, but we will need more volume.
Stay tuned for more BTC updates,
Fred
Stay tuned for more BTC updates,
Fred