Bitcoin is shrinking, there will be an explosion soon!
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Yesterday I wrote you a bit of psychology on bitcoin and the market as a whole, today I want to go through the chart with you from the technical side.
Let's start with levels:
Let's drop resistance still stands at $16,800-17,150, this range is now an insurmountable zone for bitcoin, the asset is getting bounce after bounce.
The support level can be identified as a zone of $16,400-16120, this is an approximate range from where the price bounced the last time to the resistance zone.
What do I expect at the moment? I think that after all this narrowing leads us to a downward movement to the $16150-15750 zone, these are approximate figures where I expect bitcoin (I can be wrong and we will get a rebound from $16,400)
I'm still waiting for a good entry point between $16400-$16,000 I think we need to go through a down move to see the long awaited again!
There may be some shooting into the $17,000 zone over the weekend but I think it's to confuse the crowd...
I've been thinking lately that they can squeeze below $15,500 and trap even more shorts, so be careful, if you've already made enough from this SHORT, then I would recommend to change position;)
Yesterday I wrote you a bit of psychology on bitcoin and the market as a whole, today I want to go through the chart with you from the technical side.
Let's start with levels:
Let's drop resistance still stands at $16,800-17,150, this range is now an insurmountable zone for bitcoin, the asset is getting bounce after bounce.
The support level can be identified as a zone of $16,400-16120, this is an approximate range from where the price bounced the last time to the resistance zone.
What do I expect at the moment? I think that after all this narrowing leads us to a downward movement to the $16150-15750 zone, these are approximate figures where I expect bitcoin (I can be wrong and we will get a rebound from $16,400)
I'm still waiting for a good entry point between $16400-$16,000 I think we need to go through a down move to see the long awaited again!
There may be some shooting into the $17,000 zone over the weekend but I think it's to confuse the crowd...
I've been thinking lately that they can squeeze below $15,500 and trap even more shorts, so be careful, if you've already made enough from this SHORT, then I would recommend to change position;)
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