I've been seeing a lot of hype over the next move bitcoin is about to make. "It's going to $100K!" or "This is a precursor to its next HUGE crash!". The reality is that nobody really knows what's about to happen. You can see that bitcoin has had some pops on its continuing downtrend so this pop could very well just be the same. Although it has been consolidating above $3,000 for about 4 months.
The most important things to look at right now it the strong resistance level at $6,000 that it is approaching and of course the $3,000 level its been holding. If we get enough momentum to break $6K, we may see some more volume come in, some more hype, and upwards momentum. If it gets rejected at $6K, we may fade back down, or even have a hard selloff back towards $3K. From there, we will see if $3K would still hold as its base level or if we'll see Bitcoin keep declining.
What are your thoughts on Bitcoin?
The most important things to look at right now it the strong resistance level at $6,000 that it is approaching and of course the $3,000 level its been holding. If we get enough momentum to break $6K, we may see some more volume come in, some more hype, and upwards momentum. If it gets rejected at $6K, we may fade back down, or even have a hard selloff back towards $3K. From there, we will see if $3K would still hold as its base level or if we'll see Bitcoin keep declining.
What are your thoughts on Bitcoin?
Comment:
Holding u decently right now. Still have yet to test the key $6K mark though. RSI is getting pretty high, so we'd need to see some volume if it's going to keep climbing without a retracement.
Comment:
A bit of a rejection at 5600 but this is still holding up. If this cracks below 4900, we may see a move down. Still no huge indicators.