Bitcoin has successfully broken a major resistance indicated by the dotted trendline. After such a clean break we have made this level a support which also coincides with the Fib 38% at $52k.
If you traded on Bitstamp we had a nasty wick down to support yesterday which was quickly bought up. Likely due to lack of liquidity, so be careful when trading on exchanges that don't really have the volume or liquidity to absorb big market orders. Binance does not have this wick.
I do not expect the ATH level to hold the price increase, on the contrary, we may break it quite quickly like we did with our previous resistance and then it will be a rush to the top. The first key resistance after such a break will be at around $90k or 1:1 Fib extension.
The indicators, particularly on weekly timeframe look primed to give us a nice continuation on this move towards $90k.
Beyond that we will likely enter FOMO stage where price can double in a day, so hard to guess a top, but if we break $100k, then somewhere above $200k we will likely find a top. But lets first pass our current ATH before speculating further.
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If you traded on Bitstamp we had a nasty wick down to support yesterday which was quickly bought up. Likely due to lack of liquidity, so be careful when trading on exchanges that don't really have the volume or liquidity to absorb big market orders. Binance does not have this wick.
I do not expect the ATH level to hold the price increase, on the contrary, we may break it quite quickly like we did with our previous resistance and then it will be a rush to the top. The first key resistance after such a break will be at around $90k or 1:1 Fib extension.
The indicators, particularly on weekly timeframe look primed to give us a nice continuation on this move towards $90k.
Beyond that we will likely enter FOMO stage where price can double in a day, so hard to guess a top, but if we break $100k, then somewhere above $200k we will likely find a top. But lets first pass our current ATH before speculating further.
Like and follow if you liked this idea!
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