BTC has been hovering around $9,000 for a whole day, judgng by the volumes, however, BTC is believed to effectively break $9,000 and test $9,500.
Even if price manages to unlock the area above $9,500, BTC is more likely to correct lower after rally.
Short-term trend seems clear as BTC is believed to oscillate between $8,700 and $9,100 in the coming days with support at $8,700.
When correction is completed, price holds greater chances to keep moving up as strength from bears is weakening. Window for daily traders will be opened every time price corrects lower.
Original by Kuang Ren, translated by AICoin Jami.
Full version:
https://www.aicoin.net.cn/article/18038.htmlJust as I expected, short term we are seeing a correction happening.
There is some strong resistance from higher levels once we got out of the $9000 ceiling yesterday. When it did break $9k, price was pretty stagnant and it was clear that it was $9300-9500 that's the new resistance.
Why that is the new resistance should be clear to anyone. That's a clear signal just before bitcoin going up to 5 figures, which has a lot to do with how traders think about the market mentally.
For now, we'll hang around the $8500 region for a few days to consolidate, imho.