UPDATE:
Well, this sure was absolutely ridiculous, overnight we fell downwards out of the yellow channel and we fund support on the 6750 level marked in blue. After bouncing off of the support we encountered some resistance to get back into the channel, but once we were inside, insane volume kicked in and a lot of short were closed, the bulls finally took control and we are seeing the first true sign of a trend reversal on the long term picture.
For the short term I think that this surge in price will not sustain unless FOMO stars again and we see a lot of buying pressure from the public, I think that the previous resistance at 7800, 7500 and 7400 will act as support, I will be placing buying orders at 7400 and where around 7200 area depicted in whitewhere the support meets the upper limit of the previously drawn channel, in the unlikely scenario that the madness contines we could test 9k.
Well, this sure was absolutely ridiculous, overnight we fell downwards out of the yellow channel and we fund support on the 6750 level marked in blue. After bouncing off of the support we encountered some resistance to get back into the channel, but once we were inside, insane volume kicked in and a lot of short were closed, the bulls finally took control and we are seeing the first true sign of a trend reversal on the long term picture.
For the short term I think that this surge in price will not sustain unless FOMO stars again and we see a lot of buying pressure from the public, I think that the previous resistance at 7800, 7500 and 7400 will act as support, I will be placing buying orders at 7400 and where around 7200 area depicted in whitewhere the support meets the upper limit of the previously drawn channel, in the unlikely scenario that the madness contines we could test 9k.
Commentaire:
Looks like Bitcoin is stabilizing in the 7700 resistance I marked in red but I wouldn’t enter at this price level especially now that volume is so low, I would wait a little to see how this plays out, after such a huge rise I would expect a pullback to the 7500 or 7250 supports, where I have placed my buy orders. Just in case volume kicks in once again I have left a small portion of my position open, but I closed most of it at 7300, 7600 and 8060.
