What is your take on BTC atm from a technical perspective? The current bottom was at 5.9k and around 5 days ago an upper resistance level of 11.7 made the price pull a little back again. Are we just playing a bit around testing resistance levels, and suddenly we blow all the upper levels and see prices skyrocket again?
Or is this a part of a longer correction where we are to see the price move sideways or in a downtrend for a couple of months while people get their optimism back again.
I know there is not one right answer to this and everything can happen.. But what is your take on the BTC market atm from a graph-perspective (fundamental is welcome as well!)?
Personally, I am very much in doubt. I do not like the current volume levels, on the other side I do not think the upper resistance levels will hold for very long, and when we are on the right side of 11.7 for good, I believe in blue skies - until next correction ;-)
Technically speaking the trading range is between 11K USD to 7K USD, fundamentally speaking there are volume to trade. The graph movement is sideways and most likely to move to the resistance level for the next 1 week. If BTC will able to break the 11K USD resistance level and it will surely go to 13K USD mark. Correction is already finish officially as of February 6 is concern, the trend we are experiencing is just normal ups and down of price.