Hello everyone!
We can all agree that it's been an exiting week for BTC, after it managed to break the 38k resistance and climb to 42k in a couple of hours. So, what can we expect next?
I'ts difficult to predict where the pair will go, if not imposible, however, we can analyze its past performance to try and identify future patterns.
BTC has been in a downtrend for a long time, with the pair being constantly rejected by the 200, 400 and 600 EMA's (1h timeframe) which each acted as a strong dynamic resistances.
That all changed the 4th of February where the before mentioned EMA's were crossed in a blaze, with the pair eventually rising to 42k.
Now, we are observing some sideways movement during the weekend and all eyes are focused on Monday the 7th, which will define where the pair is going.
I'ts easy to get bullish and hope that the pair will go parabolic, but we all know that with every rally comes a correction, and that's a healthy thing.
Given that the pair rallied a whopping 11.5% in a day and its currently facing a very strong resistance level (42k), we can expect it to drop a few percent, to around 39-38k, re-testing the broken trend line.
This would be a definitive moment for BTC, if the pair manages to gathers enough strength at this levels (39-38k) it can attempt to break the 42k resistance once again and move up to higher levels.
On the contrary, if the correction and re-test of the trend line fails, we can expect the pair to move further down to 34-30k, where more supply and stronger support can be found, before resuming the uptrend.
We can all agree that it's been an exiting week for BTC, after it managed to break the 38k resistance and climb to 42k in a couple of hours. So, what can we expect next?
I'ts difficult to predict where the pair will go, if not imposible, however, we can analyze its past performance to try and identify future patterns.
BTC has been in a downtrend for a long time, with the pair being constantly rejected by the 200, 400 and 600 EMA's (1h timeframe) which each acted as a strong dynamic resistances.
That all changed the 4th of February where the before mentioned EMA's were crossed in a blaze, with the pair eventually rising to 42k.
Now, we are observing some sideways movement during the weekend and all eyes are focused on Monday the 7th, which will define where the pair is going.
I'ts easy to get bullish and hope that the pair will go parabolic, but we all know that with every rally comes a correction, and that's a healthy thing.
Given that the pair rallied a whopping 11.5% in a day and its currently facing a very strong resistance level (42k), we can expect it to drop a few percent, to around 39-38k, re-testing the broken trend line.
This would be a definitive moment for BTC, if the pair manages to gathers enough strength at this levels (39-38k) it can attempt to break the 42k resistance once again and move up to higher levels.
On the contrary, if the correction and re-test of the trend line fails, we can expect the pair to move further down to 34-30k, where more supply and stronger support can be found, before resuming the uptrend.
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