The 59K level is something I have been keeping my eye on as discussed in prior posts.
After cracking that level and then testing the downside target of 53.5K we saw price bounce back up to the 59K level.
Now it was time to see what would happen and it looks like we got out answer.
Viva La Resistaaaannce!
Looking at the chart above you can see we got not one, not two but three daily candles that have upper wicks off the 59K level.
This tells us that for three consecutive days there was an intraday push to that level that got rejected cleanly.
After those three days price has sagged just a little lower.
So the good news is a hard sell off is yet to happen since the rejection, the bad news is price failed at resistance.
The down side support is the 53.5k we recently saw and obviously price action does not turn bullish again until the 59k level is breached.
The other option is just bouncing between 59-53k which would be fine with me for a while.
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So sideways for a while before try again at 59K..?
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I sure hope so
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It is finding it difficult to break that price zone , but the moment it breaks it then we will see a $70000 before end of the year..
Yeah, the mid 70s to low 80s is my next topside target on any big leg higher.
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Which is good
Greetings, excellent analysis that you have shared of the BTC price at the present time, from my point of view the BTC before the end of the year will rise to reach again its historical maximum.
I hope so, let's go!
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I'm fine with all of that. The longer, the better...
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Yup, build a good base, then leg up!
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I'm okay with a little bit of sideways action in that 53-59 range. It'll weed out the paper hands!
Indeed!
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Even I am starting to get bored... and that doesn't often happen as I appreciate the available opportunities...
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Haha, we really are crypto kitties....no attention span ;-)
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