Dear traders, finally some great movement in this market!
But could BTC be defined bullish after today move?
Unfortunately not. Let's check the motivations together
1) Selling pressure around 4150 area on Bitfinex:
The bulls tried many times in a row (7) to break 4150 during the pump but all the times bears won the battle... So 4150 won't be easy to defeat.
2) But the biggest problem is now at around 4200... That's the real TURNAROUND point. I could define myself bullish if we break that resistance.
After that, it's really possible that we will see 5000$ again.
3) This movement has been trained by BCH (or, if you want, call it BAB). So it's not a pure bullish move... Also ETH and XRP are not following much.
Let's look instead at the supports.
1) Good support now around 4000. The uptrend started 11feb is still holding!
2) Around 3600 instead is sitting the MAJOR support, since the lows of 16dec.
Our prediction here is that we will test the heavy resistance of 4200 and then drop a bit. Anyway, before the start of April we will see if the 11feb uptrend will hold or if we will re-test the scary lows of December.
Trade safely guys!
BFCM
But could BTC be defined bullish after today move?
Unfortunately not. Let's check the motivations together
1) Selling pressure around 4150 area on Bitfinex:
The bulls tried many times in a row (7) to break 4150 during the pump but all the times bears won the battle... So 4150 won't be easy to defeat.
2) But the biggest problem is now at around 4200... That's the real TURNAROUND point. I could define myself bullish if we break that resistance.
After that, it's really possible that we will see 5000$ again.
3) This movement has been trained by BCH (or, if you want, call it BAB). So it's not a pure bullish move... Also ETH and XRP are not following much.
Let's look instead at the supports.
1) Good support now around 4000. The uptrend started 11feb is still holding!
2) Around 3600 instead is sitting the MAJOR support, since the lows of 16dec.
Our prediction here is that we will test the heavy resistance of 4200 and then drop a bit. Anyway, before the start of April we will see if the 11feb uptrend will hold or if we will re-test the scary lows of December.
Trade safely guys!
BFCM
