Bitcoin is binary!
In my previous analysis i predicted that bitcoin could hit 9k in the upcoming week and it did. So i hope you guys have made some nice profits on it. I myself didn't trade it. Lost alot of money last week and i notice that i hesitate alot on my new trades.
I also want to point out that this is pure analysis and no signals or financial advice for traders out there. I simply like analyzing the bitcoin market and its nothing more than an opinion next to all other analysis out there.
My expectations.
I see a rising wedge with alot off bullish price action. Yet the bulls have to pass some heavy resistance and i feel like the price might go to a new structure low. I have written twice a 68.1% retracement. The 1st is from the previous low 8.3k. the next retracement of 68.1% is from the entire run up from 6.8k. The RSI and STOCH RSI also show momentum to the down side along with many other timeframes.
If the bulls manage to break the 8,9k - 9k resistance we might see a run up to 10k.
This was my analysis. I hope you see any of your own analysis in it and wish everybody the best of luck in their trading!
Best regards,
Sem
I also want to point out that this is pure analysis and no signals or financial advice for traders out there. I simply like analyzing the bitcoin market and its nothing more than an opinion next to all other analysis out there.
My expectations.
I see a rising wedge with alot off bullish price action. Yet the bulls have to pass some heavy resistance and i feel like the price might go to a new structure low. I have written twice a 68.1% retracement. The 1st is from the previous low 8.3k. the next retracement of 68.1% is from the entire run up from 6.8k. The RSI and STOCH RSI also show momentum to the down side along with many other timeframes.
If the bulls manage to break the 8,9k - 9k resistance we might see a run up to 10k.
This was my analysis. I hope you see any of your own analysis in it and wish everybody the best of luck in their trading!
Best regards,
Sem
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