This may be a bumpy ride to 10k. Although I am long on BTC and we are now on a daily UPTREND since Feb 12, I expect a return to the 9k breakout before going higher.
For those who bought at 9,500 a couple of weeks ago, they remember the pain they went through when they experienced a drop to 6,000. At this point, they just want to get out, perhaps break even, to them that would be amazing. Their wish is about to come true.
With that said, expect them to sell around 9,450 - 9,500 to the buyers who are already looking exhausted from this rally.
If you're looking for an entry, I would suggest just above 9,000, perhaps 9,050 to make sure you secure your entry.
Remember most breakouts return to test the breakout point, and being that BTC has layers of resistance, don't expect fast bull run-ups like the good ole days until we cross 20k.
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Bitcoin has taken on it's old personality of being extremely bullish and smart money is no longer sitting on the sides waiting. The 2 month long daily DOWN trend changed to an UP trend on the 12th of February, and this should be just the beginning. I'll adjust my TA accordingly in the future.
I expect we'll go over $10,000, but a small dip before we do is likely. There is very strong resistance there.
For those who bought BTC at $9,500 and are wishing to get out when it again hits that price really don't need to be investing in this space. Things are about to get very interesting. Due your due diligence and enjoy the ride folks.
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@Pinarello1967, I agree, but that's how most of us learn. Most of us were once the fomo buyer, now we're on Tradingview trying our best not to repeat our mistakes lol Hopefully their pain motivates them to do the same.
PabloGutierrez
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Didn't you mean for the entry point to be 9500-9550? I would actually go a bit higher or set some tight stop-losses.
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@PabloGutierrez, In a bearish or uncertain market yes, I would agree, but I believe we are now bullish as we have broken a major downtrend.