🔥 Bitcoin Rejecting From Double Resistance: No Worries, Yet!
Two days ago I made an analysis on Bitcoin where I talked about the falling wedge pattern that has broken out. My bullish targets have been hit, congratulations if you took the trade.
I did expect a bullish move, but did not expect a move towards $25,000. In the end, we got more than we bargained for an rejected hard from the $25,200 area.
In my view, this strong sell-off was caused by the fact that BTC has hit two MAJOR resistance areas at the same time.
1) The 200-week SMA is currently sitting at $25,000.
2) The 2022 summer high is placed around $25,200. These two areas combined make it a perfect area for longs to take profit.
The coming days are still unsure. I still hold a bullish bias towards BTC. As long as we're trading above the $21,500 swing high there's little to worry about. However, we got some bearish macro news over the last few days and the stock markets didn't like that.
If stocks will go down, Bitcoin will most likely follow.
For now, there's no immediate danger of a trend reversal.
I did expect a bullish move, but did not expect a move towards $25,000. In the end, we got more than we bargained for an rejected hard from the $25,200 area.
In my view, this strong sell-off was caused by the fact that BTC has hit two MAJOR resistance areas at the same time.
1) The 200-week SMA is currently sitting at $25,000.
2) The 2022 summer high is placed around $25,200. These two areas combined make it a perfect area for longs to take profit.
The coming days are still unsure. I still hold a bullish bias towards BTC. As long as we're trading above the $21,500 swing high there's little to worry about. However, we got some bearish macro news over the last few days and the stock markets didn't like that.
If stocks will go down, Bitcoin will most likely follow.
For now, there's no immediate danger of a trend reversal.
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