BITCION Don't rush to buy!?
We need to be careful as the price is approaching a conglomeration of strong resistances. Pressure could come from both the 65K area, which is still untested, and the area above - 68K - 69K. Let me remind you that globally bitcoin is in a descending channel. Globally (D1-W1) the asset looks good for continued growth, but locally (D1-H4-H1) I don't see any signs that the market is ready to overcome the resistance zone above.
Trades may get nervous ahead of next week's new news: SP PMI, DGP, DGO and Fed chief's speech. If the indicators become sharply unpredictable, all the speculators' bullish fervor may cool down very quickly and in that case we may meet the correction phase amid profit taking....
Resistance levels: ~65K, ~69K
Support levels: ~60K, ~58K
PS. in the long-term Bitcoin waiting for big bull run. (Cup pattern and Elloitt wave in Timeframe 1W)
Trades may get nervous ahead of next week's new news: SP PMI, DGP, DGO and Fed chief's speech. If the indicators become sharply unpredictable, all the speculators' bullish fervor may cool down very quickly and in that case we may meet the correction phase amid profit taking....
Resistance levels: ~65K, ~69K
Support levels: ~60K, ~58K
PS. in the long-term Bitcoin waiting for big bull run. (Cup pattern and Elloitt wave in Timeframe 1W)
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