Hello everyone,
Keeping this analysis short and simple. A 6h close above the orange line (the weekly resistance) will liquidate a large number of shorts and send us to out next major resistance at 9.9k. If we can remain above the green line at 9.9k, Bitcoin is headed for $10,000 and beyond.
The upper targets for major resistance would be from 10.8k to 11.3k, which is where many large sellers will be taking profit if we get there.
Overall, I am bullish and if we get a successful retest of the low 9ks, the future looks very bright for Bitcoin in the short term.
Keeping this analysis short and simple. A 6h close above the orange line (the weekly resistance) will liquidate a large number of shorts and send us to out next major resistance at 9.9k. If we can remain above the green line at 9.9k, Bitcoin is headed for $10,000 and beyond.
The upper targets for major resistance would be from 10.8k to 11.3k, which is where many large sellers will be taking profit if we get there.
Overall, I am bullish and if we get a successful retest of the low 9ks, the future looks very bright for Bitcoin in the short term.
Trade active:
A day later, Bitcoin BLASTED through 10k resistance and is now consolidating around 10.7k. It hit major resistance around 10.8k as expected, and started to slowly grind upwards before topping out at $10,950. I still believe we will see $11,300 soon, and continue to remain bullish.