Bitcoin rallied high and reached above 15300 level. As Bitcoin goes higher, bigger volatility is sure because Bitcoin only stayed above 14000 for about 6 weeks through all the Bitcoin history.
I personally will pay attention to the two similar rallies happened on Bitcoin recently. Bitcoin went from about 11500 to 13200 within three days, and then retraced back to the middle line of Bollinger bands. This time, Bitcoin went from 13600 to 15300 within a day and a half.
I personally would like to see Bitcoin retrace back to the middle of Bollinger bands in the next few hours and go sideways for a while, and when Bollinger bands squeezes, Bitcoin will go much more higher.
By the way, Bitcoin had just broke from the falling wedge, and just retested the previous resistance, which now may turned as support. The middle of Bollinger bands is coming close to the support. Let’s wait and see if Bitcoin’s daily candle can close above the support, that will give further confirmation for rallying higher in the short term.
But, we should also be cautious, since the US election has not over yet. It seems that Trump will contest the result of the election, which may kind of cause uncertainty to the market and become volatile. But perhaps, Bitcoin and U.S stocks have decoupled, and it will affect U.S stock markets more and Bitcoin may not that much be affected. Personally, I remain cautious. A retrace back to 13200, which is the wedge’s support, won’t surprise me.
The long picture is great, but be cautious in the short term.
I personally will pay attention to the two similar rallies happened on Bitcoin recently. Bitcoin went from about 11500 to 13200 within three days, and then retraced back to the middle line of Bollinger bands. This time, Bitcoin went from 13600 to 15300 within a day and a half.
I personally would like to see Bitcoin retrace back to the middle of Bollinger bands in the next few hours and go sideways for a while, and when Bollinger bands squeezes, Bitcoin will go much more higher.
By the way, Bitcoin had just broke from the falling wedge, and just retested the previous resistance, which now may turned as support. The middle of Bollinger bands is coming close to the support. Let’s wait and see if Bitcoin’s daily candle can close above the support, that will give further confirmation for rallying higher in the short term.
But, we should also be cautious, since the US election has not over yet. It seems that Trump will contest the result of the election, which may kind of cause uncertainty to the market and become volatile. But perhaps, Bitcoin and U.S stocks have decoupled, and it will affect U.S stock markets more and Bitcoin may not that much be affected. Personally, I remain cautious. A retrace back to 13200, which is the wedge’s support, won’t surprise me.
The long picture is great, but be cautious in the short term.
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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.
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.