Bitcoin 9000$ Resistance Is Holding Once Again !
Today I had enough time to watch closely the price action in Bitcoin on Bitfinex and the bears are doing a tremendous job holding this extremely important level. The general consensus is that BTC will correct to around 8000$ before going reclaiming the 200-day SMA, currently at 9762$. I tend to agree with this scenario ( keep in mind that is the bullish scenario) as it makes a lot of sense. A shot at the 200-day now is not a sustainable thing for me, a pullback will be very healthy.
As you can see from the chart above the bulls tried multiple times to break the 9000$ barrier but everytime they were stopped. This is a very interesting situation and it reminds me of a month ago when we were at the same spot, the difference being that the 200-day was at 9100$ and acted as an additional resistance.
Also we should notice that the 50-day / 30-min chart is acting as a great support in the last few days ( the blue line).
I think the way we close today will give us additional information about the coming day and what we can expect. As I said above I anticipate a pullback and then we will have to decide what the next scenario will be.
What is your opinion for BTC ? Let us k now in the comments !
we can break it today!
I doubt it :) but who knows
Interesting. How do think this movement will affect the price of ethereum?
At the moment Eth is a lot stronger than btc but if btc goes down everyone will follow :)
I've taking a step back from the cryptomarket for a bit. I made a bit of money on eth in December and then took a break. I think the price of EOS also is something worth keeping an eye on.
Yeah, I've been watching this one for long, long time. Really didn't expect to double from 6 to 12 in one week. lol. Hopefully it gives us another chance to hop in. :) taking a break is a very good decision in my opinion ! There will be easier money to be made :)
Good analysis.
Thanks! I don't consider it much of an analysis, more like some general guide line for those who dont have the time to look at the charts everyday :)