Bitcoin Resloved to the Upside: Now What?
Bitcoin broke the 6,800 level discussed in my last video. It's time to look at our next price levels and what this recent move means to price action on a whole.
Large Upside with Limited Downside?
If bitcoin can consolidate or even pullback to test and hold 6,800 that would be positive for price on a whole. That is limited downside from current price right around 7k.
On the flipside, we don't have any real pivot points or prior tops until 8,200-8,300 area. If BTC can clear 7k there is alot of real estate to the upside to be had.
I talk about this and the resolution of my prior analysis in the video below...
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Disclaimer: All info in this post is my opinion and for informational purposes only
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Disclaimer: All info in this post is my opinion and for informational purposes only
Print more USDT...that’s what’s next
If you bought in at or near the low, this is good news already, but I think alts are a better bet right now. They moved further down in many cases, and can move a lot more. It kinda looks like bitcoin might still have a hill or two before we have the final move back skyward. Of course, by the time it reaches the point where we can be sure it's on it's way back up, it's likely a little late and will also be about time that some will take some profit and it'll drop a little. Of course, there's another buy-in opportunity.
Yes, the alts were way more volatile and many made lows beyond last November's pre-mania run. Bitcoin never broke below those levels.
I think we need some strong volume to push above 8k and hold. We have seen a number of false starts however, hopefully this time is different.
Thanks for your analysis.
Yeah, I'm really just hoping to maintain 7k and make a run up to the low 8k area. Then re-evaluate there.
+1
hi @scaredycatguide .. there is a sudden spike in the daily volume .. I think some big shots have invested... anticipating some good news !!! ☺️
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I wonder if the shorts are trying to still put on positions as the supply is getting limited and that could lead to more squeezes and forced liquidations. I’m still on the ropes as volume still lacking excitement from either side.
Yeah, we are putting in early steps of positive price actions. Still a ways to go before we are even in an uptrend. I try to keep my expectations tame with crypto.
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