Bitcoin is at a critical point. Plenty of signs are favoring bulls here as we approach High Time Frame resistance.
In order to keep it simple and avoid choppiness in between, zoom out. If we close the weekly above the green line, BTC is likely headed to $10,000+ and possibly $11,000 swiftly. At the very least, bulls need to close the weekly above $9,200 or else this area is the local top.
Otherwise, this is simply another bearish retest and we are likely to come back to support around $8,000 (at least). $7,700 would be an excellent buying opportunity if we get there.
Overall, I think we are bullish and price will keep forming lower highs going into to the Halving in May/June. Until then, it is best sticking to high time frames to make the cleanest decisions.
Best of luck traders!
In order to keep it simple and avoid choppiness in between, zoom out. If we close the weekly above the green line, BTC is likely headed to $10,000+ and possibly $11,000 swiftly. At the very least, bulls need to close the weekly above $9,200 or else this area is the local top.
Otherwise, this is simply another bearish retest and we are likely to come back to support around $8,000 (at least). $7,700 would be an excellent buying opportunity if we get there.
Overall, I think we are bullish and price will keep forming lower highs going into to the Halving in May/June. Until then, it is best sticking to high time frames to make the cleanest decisions.
Best of luck traders!
