Updated: Mar 7, 2021
Seems like almost a year ago bitcoin's price was 3.800$. Now it's 51.000$. What's next ?
I was talking on Sunday about the potential two directions Bitcoin may take starting this week. I drew the two scenarios here :
If you'll hit play on the chart you will see the subsequent moves that developed thus far : we broke the resistance level at the 49.500$ and made an atempt to break 51.500$ levels, denied. The level I projected on the chart last Sunday was this one, we nearly got it ( BTC stopped at 51.400$ levels ).
What's next ?
Probably a small correction to re-test the 49.500$. I f BTC manages to turn it into support we may see another visit of the 58.000$ levels soon. If not it would the sellers got the upperhand on the buyers and we could go as low as 36.000$.
On the smaller timeframes these moves are somewhat confirmed by the oversold RSI, but remember we are still in a bull market and the RSI can stay up there for days.
For now we are satisfied with the results of the trade started long at 47.500$ and have closed long positions.
Trade carefully friends, a big move is coming soon !