As Bitcoin looks strong and likely to continue up this ascending triangle to $11,400 to $11,600.. it is possible we double-top around this area.
I do think that we will get rejected. Simply because soccer moms and the normal average Joe's aren't talking about or interested in Bitcoin at the moment. So the only bulls driving this price up is the ones already deep into trading. They will dry up and exhaust soon. I simply just don't see momentum and all the sudden CNN flashing "Bitcoin on the rise up!" news flashes.
Decreasing buy volume as the price rises hint at the drying up of bulls.
If we do reject $11,600; we also reject a big inverse head & shoulders from the 1day candles. And this thing will plummet down to $8,400.
IF somehow Bitcoin bulls through $12,000; we are back in a full-bull market. I'd also be very weary of any bull traps happening around the top; this is whale & manipulation territory.
Alts are looking juicy, but they will look even juicer here soon regardless which direction Bitcoin takes at $11,400 to $11,600.
Good luck.
I do think that we will get rejected. Simply because soccer moms and the normal average Joe's aren't talking about or interested in Bitcoin at the moment. So the only bulls driving this price up is the ones already deep into trading. They will dry up and exhaust soon. I simply just don't see momentum and all the sudden CNN flashing "Bitcoin on the rise up!" news flashes.
Decreasing buy volume as the price rises hint at the drying up of bulls.
If we do reject $11,600; we also reject a big inverse head & shoulders from the 1day candles. And this thing will plummet down to $8,400.
IF somehow Bitcoin bulls through $12,000; we are back in a full-bull market. I'd also be very weary of any bull traps happening around the top; this is whale & manipulation territory.
Alts are looking juicy, but they will look even juicer here soon regardless which direction Bitcoin takes at $11,400 to $11,600.
Good luck.