BITCOIN Bull Run -- Is There Momentum Left???
Bitcoin has had a great run up the last few days. We saw prices shoot to almost the resistance trend line and fell short of hitting the $11,700 price level resistance. Are we looking to pull back?
The good news is that we have a long way to fall where we can still hope to maintain an up trend and reverse the downward spiraling motion that we've been seeing lately. Currently, we can see prices hit as low as $5,900 and still be a higher low (in which case we'd need higher high than the current prices yesterday).
$10k psychological is key support, even though it hasn't been much support and resistance in the past.
Volumes have been heavy lately, so we are due for some consolidation which I think it likely at this point.
Litecoin broke bearish from inside daily bars, but the BTC correlation as seen it pop back up a bit.
Thoughts on the direction of the trend and price action?
There is also a good chance that the bear market is not fully over for btcoins yet. This fundamental metric that I blogged about here seems to correlate a lot with BTC prices just as much as (or even more than) many TA methods and shows the adoption rate is still not yet back into growth territory:
https://steemit.com/cryptocurrencies/@kenraphael/this-single-metric-seems-to-correlate-more-with-cryptoasset-values-the-past-two-weeks-than-most-predictive-method
I agree, we are due for a pullback here soon for BTC, if we break below 10k, I can see the price easily hitting 9k and then building support from there. Followed you since I do crypto TA updates as well!
Yea there's several supports but I'd see going lower than 9k before forming a bottom. Followed back! :)
IF price drops below 10,500 I believe it will pull back but if it stays above that it shall steady climb!
As long as we see any higher low there's hope!