Bitcoin - Breakout or fake-out?
In 5 minutes of trading yesterday, Bitcoin pushed through its 45.5k resistance level to close up 5.19% higher on the day at 46.8k. A very impressive 5 minutes, indeed. However, overall volume for the day was below average.
Today, price struggled at the first level of resistance, pulling back from 47.5k, while the RSI moved up to touching the over-bought level.
With multiple levels of resistance between the current price and 52.3k it looks like BTC might be hard pushed to get beyond 49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around 28.5k, with a correlation of Fibonacci projections.
What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?
Today, price struggled at the first level of resistance, pulling back from 47.5k, while the RSI moved up to touching the over-bought level.
With multiple levels of resistance between the current price and 52.3k it looks like BTC might be hard pushed to get beyond 49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around 28.5k, with a correlation of Fibonacci projections.
What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?
Note
Just to be clear, a break above 52.3k flips the switch to the case for a bull market.Note
Well we know how this played out now.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.