BTC is showing short term weakness and will look to retrace to the 9088 major support level in the coming days/week. It may find support sooner but the lower support is an excellent entry point to add to a position. (which I will be doing ) This will become apparent soon if it is to take this route. The chart shows my ideas looking ahead over the next few weeks. It is an important time for BTC on its amazing journey for anyone invested in it future and should be keeping a close eye on it....
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So the market is acting strong at the moment and we could forgo the the lower support around 9080. This maybe tested next week when the markets open again. Looking at last week with the market correction, there maybe some correlation between the too, (which has been a long time coming) and we maybe in for more of the same for a while.
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Slow but steady, BTC has come off the support we have been watching 9200 and is heading again to resistance we hit earlier, at the downward channel line. This time we reach it, and we WILL, it will be around 10900. A saying I heard recently describes what will probably happen (with some confidence) , at this time quite beautifully..( : First you kiss, then you hug a little, then you break the line ( I changed the last part so as not to be too vulgar...( : .... ) This means we may hug the resistance line for a while but if the buying momentum is there it will break through. This would then take us up to 12000. Depending on the buyers, it could take a few days to a few weeks before this pattern plays out...