🔥 Bitcoin's Moment Of Truth: Bull-Run Continued?

6 авг. 2021 г.

After a huge spike in Bitcoin's value today, it appears that BTC is finding some resistance from both the green area of resistance and the descending triangle's top trend line.

The current state of the market is still not overwhelmingly bullish. We first need to close the day above ~43k in order to switch off the alarm signs and become bullish. Seeing that we're currently facing a lot strong resistances, I'm cautious.

Best case scenario would be a close above 43k either today or tomorrow, followed up by a move towards 45k, falling back to the triangle's top trend line and bouncing off again to resume the bullish move. In that case, 50k would be a realistic target for the next two weeks.

The bearish scenario would be for BTC to bounce off the current resistances and make a move towards the yellow area of support. I'm still very bullish in the long-term, so a bounce from the yellow area is to be expected.

Let's hope for some fireworks.

Happy trading!