We are set up to repeat a move that began on April 2, 2019. On this date we were approaching a golden cross in which the 50 day moving average was preparing to cross the 200 day moving average. Market structure was broken resulting in a move of 234.96% over 85 days. If this was to repeat, this would bring us up to about 20,500. However, this there is a lot more resistance that must be over come in order for this scenario to repeat. While momentum indicators are lining up exactly for this move, this time we must over come 3 resistance levels. The top market trend line at 8667, the 200 day moving average at 8933 and a historically strong resistance at 10,000.
If Bitcoin can push threw this resistance, break 10,000 and confirm. It looks as if we will be heading to 14K and then 20k. If the resistance is to strong, look for a move down towards 6,500.
If Bitcoin can push threw this resistance, break 10,000 and confirm. It looks as if we will be heading to 14K and then 20k. If the resistance is to strong, look for a move down towards 6,500.