Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Majormax
on 27/10/2019, 00:55:24 UTC
The recent exceptional spike has pointed out resistance at 10.5k, and, coming below the strong resistance at 13.5k, it is a bearish indicator (in conventional analysis).

No it's not. Hitting resistance on the way to another resistance isn't bearish. It's expected. Any asset emerging from a downtrend is going to hit resistance on the way up.

Did you really expect to go straight to the $13,000s without stopping?

Fair comment. It is the momentum of the move that is unusual.  If 10.5k is tested and broken soon, that is bullish, as with 13.5k.  Those levels were reached by strong upward momentum, so do make for higher hurdles.