BTC Update
Despite a momentum that seemed to have run out of steam, Bitcoin continues its parabolic ascent that started at the 6800 level.
The BTC is now below a resistance zone between 8300 and 8500 in a daily technical context which, although positive, is starting to show signs of weakness.
Technical indicators over a 4 hour horizon are increasingly overbought and a correction is more and more likely.
Probable yes, but up to what point?
A return to the 8000 level seems almost inevitable and the 7800 and 7600 are also likely. As you know, technical analysis is not an exact science and it is not impossible to witness a new impulsive bullish candle against all odds.
To get into position we will nevertheless wait for a return on support and I will keep you updated as they approach to determine which one will be the right entry point!
Stay safe until then guys!
Despite a momentum that seemed to have run out of steam, Bitcoin continues its parabolic ascent that started at the 6800 level.
The BTC is now below a resistance zone between 8300 and 8500 in a daily technical context which, although positive, is starting to show signs of weakness.
Technical indicators over a 4 hour horizon are increasingly overbought and a correction is more and more likely.
Probable yes, but up to what point?
A return to the 8000 level seems almost inevitable and the 7800 and 7600 are also likely. As you know, technical analysis is not an exact science and it is not impossible to witness a new impulsive bullish candle against all odds.
To get into position we will nevertheless wait for a return on support and I will keep you updated as they approach to determine which one will be the right entry point!
Stay safe until then guys!
