BTC will go down before it goes up
Updated
BTC is at ATH levels already without taking a breath on the way up. I believe we will see some heavy sell pressure at these levels which will push the price down for now. Here's some of my reasoning:
- BTC has seen a sharp rise since the beginning of this year with no time for it to breathe.
- Cyclically, ATH breakout occurs November of this year which is still 8 months away.
- Volume is low
- Orderbook has lots of sell orders at 70k.
Note
Looking good for October-November breakout
Note
A significant support level has been reached. This is a great spot to go long Note
Sharp recovery from support
Note
I believe BTC has seen it's last leg of downwards consolidation and we will only see upwards movement from now on into the next parabolic run.
Trade active
Breakout. Next resistance 105-110k
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.