BTC -- Spike to 48K Resistance Before Bouncing Back Down ?
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Oct 1st -- Today's breakout was caused by the trigger of a huge amount of limit-buy orders placed around the 45K mark, revealing that many traders were expecting an uptrend if BTC managed to cross the 45K resistance - that has now become a solid support, as shown by the Ichimoku cloud. A similar move of BTC happened towards the end of July, where the MACD line went above 1000 on the 30m timeframe, which itself is quite rare. Today we witnessed a similar event, so by simply looking back at past events we could expect BTC to try the 48K big resistance last hit around mid-September, and then fastly bounce back down to the solid support levels around 45-46K. We shall see!
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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.