The BTC Bear is Still Out! - Heavy Overhead Resistance Incoming

9 Feb 2018

I don't think bitcoin's down-trend is over just yet, there is too much heavy over-head resistance. Lots of investors missed their chance at selling near the highs and there are a lot of others who bought high and are stuck with a loss plus I don't believe new buyers will have the stomach to buy at prices beyond 10k, so this rally should die down and the down-trend resume. First heavy resistance is between 9-10k, top of descending channel (black) and a big psychological level, if the buyers have enough in them to break through this resistance then the top of the larger descending channel(red) should prove to be too much. The market can only go higher if buyers are willing to buy higher, yes buyers are willingly to get in at 6k, but will the demand still be there at 10k or higher? Will early investors take the opportunity to sell at higher prices? I still think this market will see 5k.