BTC has been rallying since the bottom at $6,600 is confirmed. Now that price has moved to above $7,300 with strong expansion in volumes, we may say that an effective counterattack has been initiated, making it mostly likely for bulls to challenge the resistance at $7,700 in the short term as price holds great chances to continue moving upwards.
If you take a close look at how price moves on daily chart you will find that a minor floor will be formed during a certain period, besides, price will continue dipping after rallying to the resistance provided by last floor whether rally receives support from volumes or not.
Thats the reason why I believe $7,700 will be the ceiling after price has been forming another floor in the past 4 sessions, now its easier to tell how BTC will move in the short term.
We believe price will correct higher to $7,700 to $8,000, selling on surges is recommended if the overall trend remains intact.
We may also say that bounces are the root cause for lengthening bear circle as price will continue dipping after every rally during overall downtrend.
Original by Kuang Ren, translated by AICoin Jami.
If you take a close look at how price moves on daily chart you will find that a minor floor will be formed during a certain period, besides, price will continue dipping after rallying to the resistance provided by last floor whether rally receives support from volumes or not.
Thats the reason why I believe $7,700 will be the ceiling after price has been forming another floor in the past 4 sessions, now its easier to tell how BTC will move in the short term.
We believe price will correct higher to $7,700 to $8,000, selling on surges is recommended if the overall trend remains intact.
We may also say that bounces are the root cause for lengthening bear circle as price will continue dipping after every rally during overall downtrend.
Original by Kuang Ren, translated by AICoin Jami.
Based on the trend that has been observed with the last few months, I think this is a spot on analysis.
I think that bitcoin may well stay above $7k for some more weeks before another dip comes. There is a possibility of a complete disruption of trend from bearish to bullish, but I don't think that we're back at the "return to norm" stage yet, nor does the market look ready for that at all. The bear market should and probably will last for some months longer in my opinion instead of ending now.
So yes, if you're trading short term, then selling if BTC reaches $8k+ would be my recommendation as well. But for all the long term bulls out there like me, just wait for the next dip to come by to fill up with even cheaper coins.