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RE: Technical Analysis on Bitcoin: The Bulls Chalk Up a Win, but Still Have a Hard Road Ahead
Hey Sarah. I think the real test is the $6,800-$6,900 resistance. If there's a strong rejection off that, it may drop back to $6,000. If btc breaks above, I think it'll likely go to at least $7,500.
If you've followed my updates, you know I think btc is likely in a larger ABCDE correction. That means once this latest rise tops out...possibly at the descending resistance line, it may drop back down to at least $6,000. If btc manages to break above the descending resistance, I'll start getting more optimistic.
Thanks for your reply! Much appreciated
My pleasure. I said we'd likely see $7,500 if the $6,800 zone was broken...but I didn't expect it to happen 2 hours after I wrote that. haha
