Bitcoin Back at Resistance $16k
So after running around the lows, Bitcoin 7.28% came up and tested this resistance line around the 16k mark.
Now we get find out how this story ends. Is it going lower? Or are we ready to march towards 30k?
The bullish case: We want to see bitcoin 7.28% meander and continue to make attempts at at the 16k mark. Crypto loves to form triangles, so an ascending triangle here that breaks up with some volume would be ideal and I'd add back my long position.
The bearish case: We start to fall from here with momentum. If we get back down below that $14500 mark which is short term support, then expect us to start knocking on the
12K door and we don't bounce, then it could get ugly.
At this point its 50-50. Hard to gauge the market on a holiday as we basically just slowly went sideways. If big players decide they want to get out of bitcoin 7.28% at this level, the failure to break could bring on more aggressive selling.
Let's hope 16k breaks up.
Now we get find out how this story ends. Is it going lower? Or are we ready to march towards 30k?
The bullish case: We want to see bitcoin 7.28% meander and continue to make attempts at at the 16k mark. Crypto loves to form triangles, so an ascending triangle here that breaks up with some volume would be ideal and I'd add back my long position.
The bearish case: We start to fall from here with momentum. If we get back down below that $14500 mark which is short term support, then expect us to start knocking on the
12K door and we don't bounce, then it could get ugly. At this point its 50-50. Hard to gauge the market on a holiday as we basically just slowly went sideways. If big players decide they want to get out of bitcoin 7.28% at this level, the failure to break could bring on more aggressive selling.
Let's hope 16k breaks up.
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