Bitcoin Breakout: Two Scenarios
Hi all,
Finally after all the choppiness we had a nice impulse! I am now looking at 2 possible scenarios, of which I prefer the bullish.
Bullish scenario: I am looking to enter a new position at the 50% and 61.8% fibs of this impulsive move. If we have just printed a wave 1 leading out of the four, we will be seeking new highs. There's heavy resistance at 11k and 11.7k - it will take heavy buying pressure to break these levels.
Bearish scenario: If the price breaks down below the 70.7% fib at 9.4k I'll check on the wave structure and look to re-evaluate. If we break the local 9k low, a move to 8.2k seems likely.
TLDR: 9.4k must hold for Bitcoin to remain bullish, and push to new highs from the March lows.
Finally after all the choppiness we had a nice impulse! I am now looking at 2 possible scenarios, of which I prefer the bullish.
Bullish scenario: I am looking to enter a new position at the 50% and 61.8% fibs of this impulsive move. If we have just printed a wave 1 leading out of the four, we will be seeking new highs. There's heavy resistance at 11k and 11.7k - it will take heavy buying pressure to break these levels.
Bearish scenario: If the price breaks down below the 70.7% fib at 9.4k I'll check on the wave structure and look to re-evaluate. If we break the local 9k low, a move to 8.2k seems likely.
TLDR: 9.4k must hold for Bitcoin to remain bullish, and push to new highs from the March lows.