There is a lot of discussions going on if this is a bull-run, a bull-trap or consolidation. I don't think anyone really knows but maybe together we could figure some things out. Here are my thoughts:
- Next major resistance for BTC is at 9700 USD. Already testing this once and had a drastic drop
- Turned around at 8700 USD and have been steadily climbing since back over 9k. This shows continued strength
I think we are in a short-term consolidation between 8.7-9.7k where these two levels will determine a more middle-term trend on where BTC will go. If 9.7k is broken there is not much resistance until 11-12k so then we can expect a nice 15-20% gain. On the other hand if we go down below 8.7k then I think next level of resistance isn't until around 7.2-5k which is around 15-20% decrease. So the benefits/risks on either side are about equal so I am avoiding trading this until we can get a clear signal either way and I am also avoiding doing to much movement in my ALTs since this will be determined by BCT.
What are your thoughts?
I think bitcoin will be hard to come back to $ 9700 at the moment, you can see that after the bitcoin rebounded to $ 8600, it immediately fell sharply and was heading around $ 6000. You can see that the bitcoin price has created a new resistance level at $ 8,600, so the recovery is getting a lot harder.