cryptohunt42

BTCUSD still has work to do

BITSTAMP:BTCUSD   Bitcoin
BTCUSD did something that only Bitcoin does, and exploded from 9,800 to 10,500ish in less than 1 minute or so yesterday. A lot of people were caught by this move, which seems to have lead to a potential short squeeze. However, Bitcoin briefly broke out of Multi-year resistance, but it came down below the line rather quickly shortly after. We broke through previous resistance at $9,800, which is now flipped to Support, and $10,300 is the new line of resistance. The Resistance around $10,300 has faced strong resistance when the level has been tried in previous years.... I think if we can breakthrough this level around $10,300 and develop support in this area we can potentially/should reach ATH sooner rather than later.
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