https://i.imgur.com/yZHdrZi.png
There is a resistance ranging at 7300-8000 where there is a possible bounce that may occur. 8000 can be also called as psychological resistance. It called a resistance because it is where the price resists meaning there are a lot of seller in that area. I will add position if there will be a breakout that will occur where the resistance became a support.
There is a resistance ranging at 7300-8000 where there is a possible bounce that may occur. 8000 can be also called as psychological resistance. It called a resistance because it is where the price resists meaning there are a lot of seller in that area. I will add position if there will be a breakout that will occur where the resistance became a support.
Saying that resistance is somewhere between 7300 and 8000 is like saying that Bitcoin can go to a low somewhere between 5000 and 6000. It doesn't mean anything.
As for OP's fractal it's actually starting to play out. We painted a nice inverse head and shoulders pattern followed by a textbook breakout.
Now we are in a nice correctional move up, still within the short term downtrend, that is sitting in a long term uptrend.
If we break above 8100 it's back to another rally and a short term uptrend, maybe even to 10k. If we bounce off 8k down, the short term downtrend is still in play and we could tighten the band, revisiting the neckline of H&S at 7k. It's still very simple.
