Hello and welcome to another article.
In this one, I'll be sharing my views on BTC, just like I did for ETH.
BTC currently sits at an inflexion point. The price doesn't have much bullish or bearish sentiment, but price is still moving anyway.
Price is still overall bullish, but I feel the short term sentiment should be towards the bear camp.
It's not a very wise idea to short this sucker the way it looks right now. However, it doesn't look to good to long right now either.
Bitcoin previously broke out of a 2 month range and rallied a bit, but has finally been able to start ranging again, which is good for price long term.
13k seems inevitable, but there are resistances of note between here and there. Let's look at a few.
We currently sit at 11.7k.(rounded up). Above us sits the very strong 12k resistance, and above that lies 12.5k, an equally strong resistance level.
Should we not be able to break the resistance levels, we would retrace back to the supports at 11k, 10.5k, 10.2k and the CME gap at 9.8k, which would turn market structure bearish again.(pro tip: this is terrible for alts)
However, I feel this CME gap is the odd one out. CME gaps historically get filled, but things aren't looking to bearish to me right now.
I feel we see at least a tap on the 13k resistance this month, which would trigger a mini alt season.
13k BTC anyone?
