Bitcoin Approaching Double Resistance

2021년 10월 5일

Bitcoin is approaching double resistance, the first one is the indicator of a downtrend - trend line. The second one is 50K psychological + technical resistance. Profits could be taken from here for short term traders, a short position might be opened with stop loss 1 ATR above resistance. If you are a long term holder there are two possible scenerios ;

1 - Bitcoin breaks down both resistances which is very bullish ( Altcoins might suffer for a while but their potential season would be huge)
2 - Bitcoin gets rejected from 50K, dives into the support around 46500 - consolidates for a while and then tries to break 50K again. (Altcoins might rise during the consolidation phase, but it would not be for long and it would not be an altseason.)