In my last post, I made the case of Bitcoin going to 21k. In this analysis, I want to question that theory.
TLDR: I am questiong my last analyses of Bitcoin going to 21k, based on the current price action.
After the breakout of the support/resistance zone, I was certain 21k was confirmed. However, the next day, an engulfing bullish candle was formed. This did not had to lead to a new theory, but the price kept on rising.
I set 2 conditions for myself as to when to switch my opinion:
1: Bitcoin has to break the current resistance zone (condition has been met today)
2: Bitcoin has to touch the second resistance zone, and come back to the old zone, making it new support.
As the first condition has been met, I see it less likely for Bitcoin to reach 21k. I think the new confirmation should be: If Bitcoin breaks the resistance line it is touching right now, then 21k is off the table, and we will see our first green September in 10 years.
TLDR: I am questiong my last analyses of Bitcoin going to 21k, based on the current price action.
After the breakout of the support/resistance zone, I was certain 21k was confirmed. However, the next day, an engulfing bullish candle was formed. This did not had to lead to a new theory, but the price kept on rising.
I set 2 conditions for myself as to when to switch my opinion:
1: Bitcoin has to break the current resistance zone (condition has been met today)
2: Bitcoin has to touch the second resistance zone, and come back to the old zone, making it new support.
As the first condition has been met, I see it less likely for Bitcoin to reach 21k. I think the new confirmation should be: If Bitcoin breaks the resistance line it is touching right now, then 21k is off the table, and we will see our first green September in 10 years.
