🔥 Bitcoin Potentially Resuming Bull-Market Soon
Over the last two days we've seen an amazing inflow of volume into Bitcoin. In less than 48 hours, Bitcoin has gained more than 25% after dipping into my old entry zone on the 8th.
In the end, it appears that my entry zone was the zone that whales were watching as well to step in again, with 31k being the local low, which functioned as a catalyst for the current reversal.
Take a look at my post of a couple of days ago:
After hitting the entry zone, BTC climbed with massive bars and volume. I'd expected the dump to go a bit further than 31k, but in the end this is great news for bulls.
Yesterday I made a post on the potential upcoming areas of resistance for Bitcoin in the short term. The channel resistance did indeed fail. Now, BTC is seemingly bouncing off the orange resistance area.
Personally, I think the dump is over. We can cautiously think about going full bull-mode again. Sadly enough, there's a few hurdles to take before that.
The nearest hurdle to take will be the 40k resistance. Although being the closest resistance, I don't see a meaningful reversal happening from 40k. However, the 42k resistance could cause a reversal all the way back to the major support zone between 31k-30k. Keep this in mind when we approach 42k.
Short term BTC is still very bullish in my eyes. Sure we can bounce off the orange resistance area. I've marked the green entry zone as a potential area to buy in again and trade the strong uptrend, in case we get some consolidation after this massive push upward.
In the long-term, I'm still bullish for BTC as per my analysis below, please take a look.
Happy trading!
In the end, it appears that my entry zone was the zone that whales were watching as well to step in again, with 31k being the local low, which functioned as a catalyst for the current reversal.
Take a look at my post of a couple of days ago:
After hitting the entry zone, BTC climbed with massive bars and volume. I'd expected the dump to go a bit further than 31k, but in the end this is great news for bulls.
Yesterday I made a post on the potential upcoming areas of resistance for Bitcoin in the short term. The channel resistance did indeed fail. Now, BTC is seemingly bouncing off the orange resistance area.
Personally, I think the dump is over. We can cautiously think about going full bull-mode again. Sadly enough, there's a few hurdles to take before that.
The nearest hurdle to take will be the 40k resistance. Although being the closest resistance, I don't see a meaningful reversal happening from 40k. However, the 42k resistance could cause a reversal all the way back to the major support zone between 31k-30k. Keep this in mind when we approach 42k.
Short term BTC is still very bullish in my eyes. Sure we can bounce off the orange resistance area. I've marked the green entry zone as a potential area to buy in again and trade the strong uptrend, in case we get some consolidation after this massive push upward.
In the long-term, I'm still bullish for BTC as per my analysis below, please take a look.
Happy trading!
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