Bitcoin broke upward out of the weekend’s narrow range during Monday’s Asian session, and is now around 78,300, not far from 78,800.
The short-term resistance at 77,800 that I was watching yesterday morning has been cleared. This morning, the price reached a high of about 78,523.
The next level above is 78,800—the Friday rebound high and the medium-term resistance I mentioned yesterday.
Below, the first level to watch is 77,800, which has flipped from yesterday’s short-term resistance to support and was the weekend range’s upper boundary. This morning, the price briefly dipped to about 77,620 before recovering.
To the upside, the next medium-term level to watch is around 80,700, near the daily 20-day moving average.
To the downside, 76,300 remains the level to watch—the starting point of the mid-September rally, which was already tested once on Friday night.
I’m more inclined to see this move as a breakout to the upside after the weekend’s sideways trading, rather than a new story.
A sustained hold above 78,800 could open the door to a test of the 80-day moving average. If the price drops back below 77,800, the short-term move will retreat into the weekend’s narrow range again.
Do you think the price will reach 78,800 first, or retest 77,800 first?
$BTC
#比特币 #MarketAnalysis
The short-term resistance at 77,800 that I was watching yesterday morning has been cleared. This morning, the price reached a high of about 78,523.
The next level above is 78,800—the Friday rebound high and the medium-term resistance I mentioned yesterday.
Below, the first level to watch is 77,800, which has flipped from yesterday’s short-term resistance to support and was the weekend range’s upper boundary. This morning, the price briefly dipped to about 77,620 before recovering.
To the upside, the next medium-term level to watch is around 80,700, near the daily 20-day moving average.
To the downside, 76,300 remains the level to watch—the starting point of the mid-September rally, which was already tested once on Friday night.
I’m more inclined to see this move as a breakout to the upside after the weekend’s sideways trading, rather than a new story.
A sustained hold above 78,800 could open the door to a test of the 80-day moving average. If the price drops back below 77,800, the short-term move will retreat into the weekend’s narrow range again.
Do you think the price will reach 78,800 first, or retest 77,800 first?
$BTC
#比特币 #MarketAnalysis
