What next after BTC’s surge toward next resistance near 13.8K?
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- After surging through resistance at the August highs near 12.5K over the past week, BTC is closing in on next major resistance near June 2019 highs at 13.8K. With short-term trading indicators pushing into overbought territory, traders are understandably questioning whether they should reduce exposure. We disagree. Sure, a near-term dip or pause is likely given the recent rally, BUT the longer-term term technical structure continues to improve suggesting pullbacks are likely to be short lived and relatively shallow. Based on the following bullets and accompanying charts, we remain bullish on BTC’s longer-term prospects and rather than attempting to micro manage trading position, maintain exposure using pullbacks and pauses to further increase exposure.
Key technical developments
Improving long-term price structure following 2018-2020 consolidation – BTC’s price structure is incrementally transitioning into a new long-term uptrend following its very broad 2018-2020 consolidation above its long-term structural uptrend defined by the 200-week sma. BTC has reversed its 2018-2020 downtrend with a series of higher highs and lows following the March collapse in all risk assets. Bottom line: BTC...Unlock this article by joining our Community!
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