Just a quick look at where we're at. I've been watching BTC pretty much all weekend to see what it decides to do next.
Key
Faded Purple Line = broken resistance
Dark Purple Line = current strong resistance
Red Line = very strong resistance (next target if we can actually break/close above this $11,500ish line)
Green Line = current trend support line
I am actually surprised we've gotten this high without a significant retracement or pullback to the low $10,000 range, but I suppose sentiment is positive right now with not much bad news in the media, we're also out of that downtrend we've been in for a while now, and traders seem cautiously optimistic.
For now the $11,500ish resistance has been rejected a few times, and on the daily chart it appears like a reversal is possible.
That said, if we can close convincingly above $11,500 it will be an easy run up to $11,700ish range where the next battle of bears & bulls will take place.
Key
Faded Purple Line = broken resistance
Dark Purple Line = current strong resistance
Red Line = very strong resistance (next target if we can actually break/close above this $11,500ish line)
Green Line = current trend support line
I am actually surprised we've gotten this high without a significant retracement or pullback to the low $10,000 range, but I suppose sentiment is positive right now with not much bad news in the media, we're also out of that downtrend we've been in for a while now, and traders seem cautiously optimistic.
For now the $11,500ish resistance has been rejected a few times, and on the daily chart it appears like a reversal is possible.
That said, if we can close convincingly above $11,500 it will be an easy run up to $11,700ish range where the next battle of bears & bulls will take place.