[ Bitcoin Trading ] Will the Bulls break the resistance?
Currently we are at $7582 on Bitstamp and there seems to me a big resistance at around $7600. Dan at The Chart Guys says it is the daily EMA12 that bitcoin is bouncing off, but if you look at the 7 day chart it is the $7600 level showing resistance.
There is a lot of negativity in the market after the May bear run. I think people are cautious.
Other are pointing out and waiting for a big breakout on the 6 June. I think it will be sooner. The reason is that if everyone is waiting for 6 June people are going to try and get in earlier.
I think we will see $7800 before the 6 June.
Here is Dan from The Chart Guys with his daily update:
Do you think we will see breakout before 6 June?
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It would be very nice to see 7600 break and Bitcoin to go up to 7800, but then we have new resistance at 7800. I have seen people say this will be the next leg down again?
If we come down again there will be support at about $7272 and if that fails we have support at $7072, but if that fails we could go down all the way down to $6500. Eina!
Looks like Tone Vays has turned short term positive with possible target of 8600 and then pullback. Watch from time 53 min:
Good Point!!
Thanks again so much for this valuable information. I believe the breakout will come before 6 June.
There are huge levels of uncertainty within the market, alongside low levels of volume, it is continuing to force the price of Bitcoin lower. A healthy trend will always have areas where it pulls back, normally around the major zones of support/resistance and this exactly what price is developing right now. A downtrend has formed creating lower highs and lower lows which has forced investors/traders to short the market and send price lower. I believe price will continue to rise to roughly the $8,000 area before we see this downtrend continue.
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