Enjoying this Bitcoin Bullish Price Action? Just Manage Your Expectations
Hey guys,
So Bitcoin hasn’t yet made that higher high that we are still looking for, with price still respecting each level of previous support as resistance. Vintage bear market behaviour, following the trend and just ticking lower.
Take a look at a zoomed out higher time frame chart for context:
BTC/USD Daily Zoomed Out
But the real interest comes when you zoom in It’s still the same daily chart as the first, but look at how after bouncing out of the support zone and looking relatively strong, price still hasn’t yet managed to break even the first previous support level that is now resistance.
Take a look:
BTC/USD Daily Zoomed In
Just manage your expectations and excitement here, because as you can see, it’s nothing special at all.
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
Yeah, the resistance at $6800 seems to be quite strong. Let's see if there will be a breakout!
What we've seen across crypto for months now has been exactly why you don't want to fight momentum and trade against the higher time frame trend. It's just all lower highs/lower lows and retesting previous support as resistance just like that chart above.
Rational :)
Lets go!
Sure. Where are we going?
Hoping for a slight recovery, seems the confidence in the market has been shot recently. Oh well HODL we go.