BTC: 11.1K Target Reached - Updated Bull and Bear Case (Aug. 26)
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Bitcoin has hit our price target of $11,100 and we are now looking for either a continuation of the parallel channel to the downside (more probable), or a break out of the trend line for a semi bullish case (least probable). A break out of the parallel channel doesn't necessarily indicate a bull case completely, as there are currently a ton of resistance within these levels, so it would be more of a neutral zone of distribution and can possibly further elongate the Bitcoin trend - AKA establish support.
Bitcoin is also creating a new trend of 'Lower Highs', rather than the previous 'Higher Lows,' with more room for a downfall on the RSI.
Targets for Bulls:
$11,650
Targets for Bears:
$10,800
Trade Safe.
X Force.
Bitcoin has hit our price target of $11,100 and we are now looking for either a continuation of the parallel channel to the downside (more probable), or a break out of the trend line for a semi bullish case (least probable). A break out of the parallel channel doesn't necessarily indicate a bull case completely, as there are currently a ton of resistance within these levels, so it would be more of a neutral zone of distribution and can possibly further elongate the Bitcoin trend - AKA establish support.
Bitcoin is also creating a new trend of 'Lower Highs', rather than the previous 'Higher Lows,' with more room for a downfall on the RSI.
Targets for Bulls:
$11,650
Targets for Bears:
$10,800
Trade Safe.
X Force.
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