In the last few days we had a very parabolic move, which is very unnatural. It all reminds of the rally up to $20000. Accordingly, I would watch out for the euphoria that currently prevails. Because the game could change very quickly in Bitcoin in the other direction.
The critical area I have marked serves as a very large resistance. Until now, it has proved to be a direction indicator for Bitcoin. Either we rebounded from there without any problems or had to form a flag before or after to break them.
Since many coins are in the meantime, I would be careful.
I also do not want to say that Bitcoin will bounce 100% there. I just want to warn you hereby.
So watch out for this area, because this could be a very good point to short.
Together with $11000 the $9800 range is the biggest resistance for Bitcoin and since nobody has this area on the screen, I could well imagine a sharp move down there to trap everyone.
The critical area I have marked serves as a very large resistance. Until now, it has proved to be a direction indicator for Bitcoin. Either we rebounded from there without any problems or had to form a flag before or after to break them.
Since many coins are in the meantime, I would be careful.
I also do not want to say that Bitcoin will bounce 100% there. I just want to warn you hereby.
So watch out for this area, because this could be a very good point to short.
Together with $11000 the $9800 range is the biggest resistance for Bitcoin and since nobody has this area on the screen, I could well imagine a sharp move down there to trap everyone.
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Watch out for this update:
Since the shorts have been dead for a long time, a sudden downmove would also kill the remaining longs.