Bitcoin didn´t make a new high above the last top of the china pump. In previous months the area of 10.300 -10.600 was a strong resistance/support zone. Even the power we had from our last sixty percent upward move from the mid of december couldn´t take us to the moon. That makes me suspect that we need more power to break through this area. It currently looks like a flag formation and for me it is most likely that bitcoin will move to the downside in the next days. A touch of the blue 200MA is nearly the 38.2 fib retracement from the upmove and will be a great turning point.
An alternative scenario is the break of the 200MA. In this case i will look for a stop at the area of the 61.8 fib (approximately 8.000).
When we have reached the 11.5k level we have to keep looking which scenario will be most likely.
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An alternative scenario is the break of the 200MA. In this case i will look for a stop at the area of the 61.8 fib (approximately 8.000).
When we have reached the 11.5k level we have to keep looking which scenario will be most likely.
Please leave a like or a comment!