BTC has just come to the level $9500 - $10000 and closed a GAP on CME Bitcoin Futures chart. Now we should expect a local trend reversal. Why? There are a bunch of reasons. We can see a bullish convergence on the hourly chart, also we see a logical finish of an ABC correctional phase. By the way, below the $9500 are located a lot of LONG Stop Losses, they will be hit with high probability. And only after this the price will be able to freely go upward. However, we need to understand that there are a lot of bears which came lately, so now it will be much more difficult for
BTC to go higher as now there are a lot of strong resistances above the $10000 level. Because of the strong bearish pressure, in mid-term vision Bitcoin can go to the accumulation or even to the distribution phase. It will help bulls to gain more power to break through the $14000 resistance. The worst situation for Bitcoin will happen if this accumulation phase will last for a very long time. In this case, the flat can take much more time than expected. However, it will be good for $ALTCOINS. In any case, the market will offer a lot of opportunities to earn, so don't upset.
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Klondike Official Links:
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.