Price is currently trading at 6700, which is right at the moving average converged resistance levels, and right up against a new side-wards resistance line that can be found on my chart. (For more information on the moving average converged resistance and the horizontal resistance in play, do see my related ideas link below for more information regarding this.) There is so much resistance at play right now, but despite this, Bitcoin has truly held it's own at this level and despite huge obstacle directly overhead, Bitcoin has maintained (rather stubbornly) a strong and confident position against the resistance levels overhead. This shows a constant, and sustained buying pressure which is what I always talk about in my other analysis! This persistence and strength in turn could break resistance.
On the other side of the trade, Bitcoin could easily get beaten down. As it stands, rice is at the side-wards resistance line on my chart and price is clearly somewhat weak here too. It's best to let the bulls break price out themselves and stand aside. Let them test it to 7000 and then buy when it bounces on the side-wards resistance line using it as a new support. If price stays below the line and trades under 6550 then this is a downside corrective move most likely.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Thank you for your support.
On the other side of the trade, Bitcoin could easily get beaten down. As it stands, rice is at the side-wards resistance line on my chart and price is clearly somewhat weak here too. It's best to let the bulls break price out themselves and stand aside. Let them test it to 7000 and then buy when it bounces on the side-wards resistance line using it as a new support. If price stays below the line and trades under 6550 then this is a downside corrective move most likely.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
Thank you for your support.
Remember: just because price is stubborn here it does not mean that price willl necessary go above resistance right away but it at least gives us a level where price could use as a suppprt on a smaller time frame later on.
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