BTC -- Spike to 48K Resistance Before Bouncing Back Down ?
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Oct 1st -- Today's breakout was caused by the trigger of a huge amount of limit-buy orders placed around the 45K mark, revealing that many traders were expecting an uptrend if BTC managed to cross the 45K resistance - that has now become a solid support, as shown by the Ichimoku cloud. A similar move of BTC happened towards the end of July, where the MACD line went above 1000 on the 30m timeframe, which itself is quite rare. Today we witnessed a similar event, so by simply looking back at past events we could expect BTC to try the 48K big resistance last hit around mid-September, and then fastly bounce back down to the solid support levels around 45-46K. We shall see!
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