Potentially repeating the same type of ascending wedge we saw when we first hit the 6k range. Plus, bulls appear to be losing steam. Low 8's/high 7's approaching. I HIGHLY doubt we break back into the descending pattern, but I think this hyper bullish attitude might bite some people like it did the first time we hit 6k. Heavy resistance on my red line and if we break that 11.2k is in play (as the ascending wedge will still be there), but I think we're going to get rejected and go down to roughly 8k.
No worries we just need a higher low set, keep an eye out for a re-entry at 7500-7700 happy trading :)
dbnation211
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@TradingBreakouts, That's exactly where I'm hoping to re-enter and I'm thinking that the sub 8k area is where we'll see that higher low. Hope for the best!
YardleyRosette
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Well, Bitcoin fulfilled Fibonacci retracement's extension to 161.8% so it was only a matter of price.