BTC is following my analysis perfectly. Please go back and look at my charts over the past few days and give them some likes (linked to this analysis).
We broke through the top of the ascending triangle, met resistance as called at $11,500, broke through that, then went straight for my bull break target at $12,700.
I would expect to see some consolidation at this point, probably forming a new bull flag. We are over-extended on the RSI, and without a catalyst, we should let the RSI cool down before making another move.
I'm expecting to see a channel form in which we bounce around in for a little while. There's also a possibility of seeing a decent correction back down from profit-taking.
The first major support to the downside is $12,000 (psychological) and $11,500 (prior resistance). We could see a quick drop back down to that point to test support.
There's a lot of possibilities at this point, and taking guesses is just speculation, so we'll have to wait for the charts to give us some clues through the course of the day.
Red flags would be drops below $12,000 and $11,500. If we get another FOMO push higher, the next major resistance is $13,000 (psychological) and $13,650.
Also, if we get consolidation or a correction, it will be interesting to see how the alt coins perform.
They've been beaten down as BTC gets all the attention, and we could see some bull action as traders move profits from BTC to alts.
Personally, I'm looking specifically at LTC, as that has taken a big beating through the course of the BTC bull run. I think we could see some great gains as alts get some attention again.
We broke through the top of the ascending triangle, met resistance as called at $11,500, broke through that, then went straight for my bull break target at $12,700.
I would expect to see some consolidation at this point, probably forming a new bull flag. We are over-extended on the RSI, and without a catalyst, we should let the RSI cool down before making another move.
I'm expecting to see a channel form in which we bounce around in for a little while. There's also a possibility of seeing a decent correction back down from profit-taking.
The first major support to the downside is $12,000 (psychological) and $11,500 (prior resistance). We could see a quick drop back down to that point to test support.
There's a lot of possibilities at this point, and taking guesses is just speculation, so we'll have to wait for the charts to give us some clues through the course of the day.
Red flags would be drops below $12,000 and $11,500. If we get another FOMO push higher, the next major resistance is $13,000 (psychological) and $13,650.
Also, if we get consolidation or a correction, it will be interesting to see how the alt coins perform.
They've been beaten down as BTC gets all the attention, and we could see some bull action as traders move profits from BTC to alts.
Personally, I'm looking specifically at LTC, as that has taken a big beating through the course of the BTC bull run. I think we could see some great gains as alts get some attention again.
