Bitcoin hits fresh all time high, how long will it sustain?
There is a high possibility of some Pullback/Retracement.
Looking at the chart - Technically in Bitcoin,
At every 10k, there's an Accumulation Phase ( i.e. anger & depression ), and at some point there's a breakout, which is followed by an uptrend till next 10k. It's close to another 10k at $50170, which should technically act as a Strong Resistance. It has respected 10k before, therefore, it will in future.
It doesn't matter who or the qty of bitcoins bought, markets have their own mind and events.
Looking at the chart - Technically in Bitcoin,
At every 10k, there's an Accumulation Phase ( i.e. anger & depression ), and at some point there's a breakout, which is followed by an uptrend till next 10k. It's close to another 10k at $50170, which should technically act as a Strong Resistance. It has respected 10k before, therefore, it will in future.
It doesn't matter who or the qty of bitcoins bought, markets have their own mind and events.
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.