Bitcoin is going to make its way to under $6,000 very soon.
I have to be honest, I’m a bit surprised with how perfectly right I have been about Bitcoin since December, which was when I really started watching the cryptocoin on a daily basis. The technical analysis on it has been superbly accurate, and I don’t see how that is going to change any time soon.
You have three levels of resistance casting a heap of selling on Bitcoin and any chance it has to move higher from here.
- Price level resistance at $12,000
- Declining Resistance off of the December highs
- The broken rising trend line off of the July lows from last year.
Put it all together, all three resistance levels are intersecting, and price cannot break through.
I’ve been right on ever post about Bitcoin so far, and I bet I am right once again, as the prediction of where it is going in the short-term is almost too easy here.
Yet, I already know, that when I post this, social media will attempt to flog me and my analysis, as being some kind of ‘hater’, or a ‘bot’, or just try to discredit technical analysis all together. That is fine, I really don’t care. I don’t have a dog in this fight, I am simply intrigued by the chart and the direction where I believe it is heading.
Here are my three previous posts on Bitcoin:
Here’s the Bitcoin technical analysis
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