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.
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Please, NOTE: This is not financial advice, please do your own due diligence before investing in such volatile markets, or any market in general.
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