Bitcoin - Breakout or fake-out?
Updated
In 5 minutes of trading yesterday, Bitcoin pushed through its 45.5k resistance level to close up 5.19% higher on the day at 46.8k. A very impressive 5 minutes, indeed. However, overall volume for the day was below average.
Today, price struggled at the first level of resistance, pulling back from 47.5k, while the RSI moved up to touching the over-bought level.
With multiple levels of resistance between the current price and 52.3k it looks like BTC might be hard pushed to get beyond 49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around 28.5k, with a correlation of Fibonacci projections.
What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?
Today, price struggled at the first level of resistance, pulling back from 47.5k, while the RSI moved up to touching the over-bought level.
With multiple levels of resistance between the current price and 52.3k it looks like BTC might be hard pushed to get beyond 49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around 28.5k, with a correlation of Fibonacci projections.
What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?
Comment
Just to be clear, a break above 52.3k flips the switch to the case for a bull market.Comment
Well we know how this played out now.
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.