🅱️ Bitcoin Short-Term Update | Weakness Or Strength?
Bitcoin hit a new high 23-October of 35,263.
Immediately after this level was hit, BTCUSDT started a strong consolidation phase right below resistance, is this good or bad?
Consolidating near resistance is actually a very good/positive sign, it is a signal of strength.
The longer a resistance level is challenged, the weaker it becomes.
If Bitcoin dropped immediately after hitting a new high to the next Fib. support level it would be a sign of weakness, showing that the bears were ready to pushed prices lower and did so first chance as soon as resistance was found.
On the other hand, prices staying close to resistance for more than a week straight says that there are no sellers around and if there are any they are being bought out as prices remain strong day after day.
Considering the current market behaviour, we can expect the next break to happen soon.
Don't get me wrong, Bitcoin can still breakdown and test the nearest support but for this to happen we would need to see at least another try at the last high because no bears are showing up.
No increase in bear volume after the last high... This tells us that a continuation is more likely than a retrace in the coming days.
âž– Resistance levels UP (GREEN)
âž– Support levels DOWN (GRAY)
All chart technicals continue as bullish short-, mid- and long-term.
Namaste.
Immediately after this level was hit, BTCUSDT started a strong consolidation phase right below resistance, is this good or bad?
Consolidating near resistance is actually a very good/positive sign, it is a signal of strength.
The longer a resistance level is challenged, the weaker it becomes.
If Bitcoin dropped immediately after hitting a new high to the next Fib. support level it would be a sign of weakness, showing that the bears were ready to pushed prices lower and did so first chance as soon as resistance was found.
On the other hand, prices staying close to resistance for more than a week straight says that there are no sellers around and if there are any they are being bought out as prices remain strong day after day.
Considering the current market behaviour, we can expect the next break to happen soon.
Don't get me wrong, Bitcoin can still breakdown and test the nearest support but for this to happen we would need to see at least another try at the last high because no bears are showing up.
No increase in bear volume after the last high... This tells us that a continuation is more likely than a retrace in the coming days.
âž– Resistance levels UP (GREEN)
âž– Support levels DOWN (GRAY)
All chart technicals continue as bullish short-, mid- and long-term.
Namaste.
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