$BITCOIN, Fly Upward, What can Go Wrong?

After the previous strong dump, BTC has already tested $9700 support and then tested $10000 support after a rollback. Now we can see how the price trades right next to the support of a global upward movement, sometimes it even manages to do some fake breakouts (marked with red pointers).

Thus, we see the strenght of bulls, which are desperately holding back their position, buying BTC higher and higher. Looking at that, conclusion seems to be easy: we will go up.

What could go wrong? There are several bearish resistances at the $10270 level (broken/fakely broken) and $10500. In the case of a false breakout of any of these levels, we might see a rollback to the rising support. If this support is broken, the price will definitely contunue to dump. Otherwise, we are waiting for $10500 breakout.

Commentaire:

It was a fakeout, the option which we described in the negative scenarios, worked out. Now we need to closely follow the current price behavour, will $BTC stays above the support level or the second will be broken.

About opening any position - it can be done only after fixing above/below the channel's borders. All other options are too risky at the current market.