While it's easy to get caught up in an electrifying bull run, remember that every trend sees a pullback eventually. And when it comes to sustaining the current BTC rally, technical indicators seem to point to an overdue correction in the not-too-distant future.
While Bitcoin’s overall trend remains very bullish, many are expecting a substantial pullback in the upcoming days to weeks.
As usual, hone your TA skills with Quadency's first-class TradingView integration, draw your custom charts, and save them for easy access in the future!
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Disclaimer: contents of this article are for general market education and commentary and are not intended to serve as financial, investment, or any other type of advice
Bitcoin surge of more than 25% last week put it in relatively strong resistance zones as it nears $11,500, at both the 0.5 fib extension level and from the Q1 2018 high.
Both resistances must be broken in order for Bitcoin to continue its uptrend. Currently, it would need to pass $11,800 and hold above this level to target the next resistance at $14,000 - at which point the golden ratio drives a far more significant resistance.
In the case of a lightly bearish rejection, Bitcoin should find support between $9,500 and $10,000, where the 0.382 fib level acts as major support, and of course the $10,000 mark also acting as a key market psychology level.
These uptrends may be difficult to maintain as some analysts believe BTC has already started its correction. The weekly RSI is in strong overbought regions and the daily chart shows a bearish divergence in the RSI - both of which are usually soon followed by correctional waves.
Nevertheless, when looking at the real-time action in the 1-hour-chart, Bitcoin remains bullish in the short-term as long as it continues to make higher lows. If it can hold above and bounces off either the 0.382 fib level or the golden ratio, we may continue to see upward movement towards a $14,000 target in the near term.
While Bitcoin’s overall trend remains very bullish, many are expecting a substantial pullback in the upcoming days to weeks.
As usual, hone your TA skills with Quadency's first-class TradingView integration, draw your custom charts, and save them for easy access in the future!
--
Disclaimer: contents of this article are for general market education and commentary and are not intended to serve as financial, investment, or any other type of advice
While Bitcoin’s overall trend remains very bullish, many are expecting a substantial pullback in the upcoming days to weeks.
As usual, hone your TA skills with Quadency's first-class TradingView integration, draw your custom charts, and save them for easy access in the future!
--
Disclaimer: contents of this article are for general market education and commentary and are not intended to serve as financial, investment, or any other type of advice
Bitcoin surge of more than 25% last week put it in relatively strong resistance zones as it nears $11,500, at both the 0.5 fib extension level and from the Q1 2018 high.
Both resistances must be broken in order for Bitcoin to continue its uptrend. Currently, it would need to pass $11,800 and hold above this level to target the next resistance at $14,000 - at which point the golden ratio drives a far more significant resistance.
In the case of a lightly bearish rejection, Bitcoin should find support between $9,500 and $10,000, where the 0.382 fib level acts as major support, and of course the $10,000 mark also acting as a key market psychology level.
These uptrends may be difficult to maintain as some analysts believe BTC has already started its correction. The weekly RSI is in strong overbought regions and the daily chart shows a bearish divergence in the RSI - both of which are usually soon followed by correctional waves.
Nevertheless, when looking at the real-time action in the 1-hour-chart, Bitcoin remains bullish in the short-term as long as it continues to make higher lows. If it can hold above and bounces off either the 0.382 fib level or the golden ratio, we may continue to see upward movement towards a $14,000 target in the near term.
While Bitcoin’s overall trend remains very bullish, many are expecting a substantial pullback in the upcoming days to weeks.
As usual, hone your TA skills with Quadency's first-class TradingView integration, draw your custom charts, and save them for easy access in the future!
--
Disclaimer: contents of this article are for general market education and commentary and are not intended to serve as financial, investment, or any other type of advice
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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