Bitcoin finds itself indecisive once again, which is nothing new. We have seen this happen before and we are well aware of the reaction that follows. Analysing the chart and general market sentiments leaves one double minded, and we feel conditional trading works best under such circumstances.
There two possible scenarios (and their outcomes):
Scenario 1:
-Price breaks and closes above $11,000
- Down trending Resistance line dating back to June '19 gets thrashed
- $12,100 to $13,200 range unlocks
Scenario 2:
- Price fails to close above $11,000
- Fair chances of a close below $9,000 - $9,200 region in the upcoming sessions
- Unlocks the $7,000 - $7,500 range
Let's wait for the market to unfold itself.
There two possible scenarios (and their outcomes):
Scenario 1:
-Price breaks and closes above $11,000
- Down trending Resistance line dating back to June '19 gets thrashed
- $12,100 to $13,200 range unlocks
Scenario 2:
- Price fails to close above $11,000
- Fair chances of a close below $9,000 - $9,200 region in the upcoming sessions
- Unlocks the $7,000 - $7,500 range
Let's wait for the market to unfold itself.