Bulls are still fighting strong and attempting to break the $9.4K resistance. It is worrisome that we failed to break prior high in this uptrend, but the support is still alive as we have yet to break the overall lows. It appears that we are still headed up at this time, and we are getting extremely close to the moment of truth. This next run up could very well confirm a break of the overall , or the start of a new bull run. It could be within the next few hours or days. Be very careful trading here and patient if you are waiting for an entry. Your options are if BTC breaks resistance, that signals a buy. If it fails again, that may signal a sell or hold.
When zooming out into the daily and hourly one can draw an inference that we are in a potential inverse situation (FOMO buying in September-December could be the reason it is not as evident). The handle seems very real to me, and the fact that we failed to break the prior high in this leads me to believe that a failed attempt to crack over $8.9K here means we are headed back down in the overall downtrend. From the hourly it appears we are in a , which generally means a reversal of the uptrend. In addition, if we fail to break and fall that will confirm the , and could signal a possible test at the neckline of the if we are in one.
This is for educational purposes, I am not a financial adviser and am just learning the markets much like anyone else. Just trying to see both sides of the equation here and prepare a plan for both.
Please leave feedback if you have any comments. Thank you!
However, please be careful: until we break a major resistance at $9.4K there is still a possibility for a continuation of downtrend. $10K is also a very psychological price point for people as they will test whether or not it is worth buying, with people who bought the dip and above contemplating whether or not they should sell their positions. Weekly and monthly charts still show we are in an overall downtrend so it is still kind of risky entering the market.
If you decide to trade have a tight stop loss, ride waves and take when in comfortable profit. Do not be afraid to sell in profit, and just because a coin continues to go up do not FOMO buy. Profit is profit at the end of the day, and nothing is guaranteed until BTC breaks major downtrend resistances and displays bullish signs.