Bitcoin - Breakout or fake-out?
In 5 minutes of trading yesterday, Bitcoin pushed through its 45.5k resistance level to close up 5.19% higher on the day at 46.8k. A very impressive 5 minutes, indeed. However, overall volume for the day was below average.
Today, price struggled at the first level of resistance, pulling back from 47.5k, while the RSI moved up to touching the over-bought level.
With multiple levels of resistance between the current price and 52.3k it looks like BTC might be hard pushed to get beyond 49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around 28.5k, with a correlation of Fibonacci projections.
What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?
Today, price struggled at the first level of resistance, pulling back from 47.5k, while the RSI moved up to touching the over-bought level.
With multiple levels of resistance between the current price and 52.3k it looks like BTC might be hard pushed to get beyond 49.5k in the current run. A failure at this level would set the stage very nicely for a completion of its correction down to the overall market retracement level at around 28.5k, with a correlation of Fibonacci projections.
What do you think? Have we got upward impulsive Elliott waveforms in play that will drive price to the moon, or are we still within a compounding correction?
Catatan
Just to be clear, a break above 52.3k flips the switch to the case for a bull market.Catatan
Well we know how this played out now.
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