BTCUSD can't break $10k, so it must be dead right?
Social media is ablaze with experts on technical analysis proclaiming that if BTC can't break $10k in this rally it is proof that it never will. Unfortunately, many of these (self-proclaimed) experts don't seem to be able to zoom out on their charts. If they could, they would see a clear rationalisation of why $10,000 is a critical resistance that bears are holding.
$9,350 - $10,050 is the key battleground, and the $10,000 resistance can be traced back to the post-dec17 dead cat bounce; which failed at the same range. To look at 1 hour candles and proclaim to have seen the future with no concept of the past; is only going to make the situation worse. And worse still, many of their followers will buy into their rhetoric and take their signals.
Could $10,000 be a high point pivot; sure - it absolutely could. But the statistically more prominent trend remains that of the bullish trend from March to current; where the price fits the trend within almost 93.5%. To note, the recent drop is sitting within the expected bounds of the trend as well; which we would reasonable expect in a normal distribution of data points.
Nothing goes up linearly, and nothing good comes from focusing on short term time frames without context of past action.
#crypto
Social media is ablaze with experts on technical analysis proclaiming that if BTC can't break $10k in this rally it is proof that it never will. Unfortunately, many of these (self-proclaimed) experts don't seem to be able to zoom out on their charts. If they could, they would see a clear rationalisation of why $10,000 is a critical resistance that bears are holding.
$9,350 - $10,050 is the key battleground, and the $10,000 resistance can be traced back to the post-dec17 dead cat bounce; which failed at the same range. To look at 1 hour candles and proclaim to have seen the future with no concept of the past; is only going to make the situation worse. And worse still, many of their followers will buy into their rhetoric and take their signals.
Could $10,000 be a high point pivot; sure - it absolutely could. But the statistically more prominent trend remains that of the bullish trend from March to current; where the price fits the trend within almost 93.5%. To note, the recent drop is sitting within the expected bounds of the trend as well; which we would reasonable expect in a normal distribution of data points.
Nothing goes up linearly, and nothing good comes from focusing on short term time frames without context of past action.
#crypto
