Bitcoin had a lot of fun in the past 2 weeks and is currently at $11k, indicating an investment return of about 48%, but, where is this rally heading? After all, it can’t keep going up, or maybe it can?
Coinbase – BTC/USD Short-Term Chart Analysis
Pretty much all the indicators are bearish on the chart since we haven’t had a major correction in a while, and to be honest, we may not see one. Keep in mind that this is normal for a bull market.
We are currently above the $9,950 support and it looks like BTC wants to go for $11,700-800 without a retest. We also have room on the RSI indicator to sustain this move, so it’s very likely to happen.
What could happen after we hit $11,700?
After we hit the $11,700-800 resistance, we should expect a correction to $9,950 where BTC will probably try to consolidate for a while. I think $9,950 will not hold and we will see BTC going in the range of $9,100 – 8,300-400.
There is also the scenario in which BTC will only have a small correction and continue to move up, after all, there has been a lot of adoption this year, it’s a new market cycle and more people seem to be interested in buying Bitcoin.
I strongly believe that we will have an amazing run that will last for about 1.5 years; BTC could reach a price between $100-200k.
In conclusion, I am very happy with the current situation, but there is room for unexpected moves, so always be careful.
You need help to understand all the technical analysis and trading terms? Click here.
Please, NOTE: This is not financial advice, please do your own due diligence before investing in such volatile markets, or any market in general.
Source: altcoinbuzz.io
View original post
