Different technical analytic methods come to different conclusions. In my case there are a couple of reasons, why we have found resistance specifically here and why I think, we will likely be still volatile, but not break it up further before July:
1. Target 2 (Pivot R3) was hit AND yearly R1
2. Upper trendline of broadening wedge was reached
3. BTC extremely overbought
4. Fast paced market dominance jump followed by harsh cool-off
5. Monthly Candle-Close ATH reached (probably the most important)
All this was followed by profit taking + shorting resistance levels + tight long stops triggers.
Number 5 is functioning as major break-out level and will restrict the way up, anything above this on a Daily would cause more $20k fomo. Remember, Bitcoin retraces likely between 30-40% in runs before breaking-up and rising even faster. We have a new July Pivot, if we close somewhere here, around $11.4k which is near the old break-out level. That area looks like a good swing support to me. These swings are likely going to take place within the Support 1 and Breakout-Level. This plans are adjusted, in case one of them breaks.
*Always set stops. Dyor. No financial advice.
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BitMEX Ref-Link for 10% Fee Discount the first 6 months: www.bitmex.com/register/juFlqr
1. Target 2 (Pivot R3) was hit AND yearly R1
2. Upper trendline of broadening wedge was reached
3. BTC extremely overbought
4. Fast paced market dominance jump followed by harsh cool-off
5. Monthly Candle-Close ATH reached (probably the most important)
All this was followed by profit taking + shorting resistance levels + tight long stops triggers.
Number 5 is functioning as major break-out level and will restrict the way up, anything above this on a Daily would cause more $20k fomo. Remember, Bitcoin retraces likely between 30-40% in runs before breaking-up and rising even faster. We have a new July Pivot, if we close somewhere here, around $11.4k which is near the old break-out level. That area looks like a good swing support to me. These swings are likely going to take place within the Support 1 and Breakout-Level. This plans are adjusted, in case one of them breaks.
*Always set stops. Dyor. No financial advice.
____________________________________________________________________________________________
BitMEX Ref-Link for 10% Fee Discount the first 6 months: www.bitmex.com/register/juFlqr
