BITCOIN (BTC) UPDATE: BROKE 11k, NEXT LEVEL TO WATCH?
Bitcoin has broke above 11k to a high of 11244 today. It has gone from correcting to a low of 5900 on February 5th, to 11k today, which is basically 12 days of an uptrend for Bitcoin.
The price has also hit the 61% fib level, where there should be some resistance and there actually is if you look at the price action around late January. If we can manage to breach this level, we will not see a major pullback until we hit 12k.
Even if we hit 12k, I still am expecting this pullback since the RSI will be either oversold or very close to being oversold on the 1 Day.
What I do think is most likely to happen though is that Bitcoin retraces to the 9.5-10k level where the bottom of the lower trend line is.
A factor going into this prediction is the MACD as well. The MACD is well overextended over the signal line and there should be a "cool off" phase going into this next week for Bitcoin.
Conclusion: Things are looking great for crypto these days, Bitcoin has shown repeatedly these past few weeks that it can break to new highs again and again. But with a lot of uptrending comes a point in time where there should be some sort of time to regroup and consolidate, and I think that time is coming soon for Bitcoin, especially if we hit 12k in the next few days.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
Very informative post man, keep them up)
Also check out my price action analysis on BTC, I would really appreciate your opinion man)
https://steemit.com/bitcoin/@swi4/bitcoin-btc-update-potential-bearish-bounce-of-trend-line-and-further-bullish-setup-charts
Thanks, I just did!
very useful post, keep up
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As stated a few days ago, next big level to watch is 13k