Bitcoin: Large Spike Could Signal Rise Up To 3600, Maybe 3800
Hi guys, hope you're well. The rise above 3660 I said needed to take place in order for a move up-to 3800 to begin, didn't occur yesterday. The price did rise slightly in the hours after I posted yesterday's analysis but it soon began falling again.
Whilst the price did decline it didn't fall much, eventually finding support near the buy area that caused yesterday's initial reversal. In the last 30 mins we've seen a large spike (blue arrow) down to 3540 take place. Spikes like these usually signal the price is going to rise, as they show traders and investors have rejected lower prices. So we could see the price rise up to 3600 - 3700 over the coming hours.
For now, I recommend awaiting more developments, to see how things play out.
Whilst the price did decline it didn't fall much, eventually finding support near the buy area that caused yesterday's initial reversal. In the last 30 mins we've seen a large spike (blue arrow) down to 3540 take place. Spikes like these usually signal the price is going to rise, as they show traders and investors have rejected lower prices. So we could see the price rise up to 3600 - 3700 over the coming hours.
For now, I recommend awaiting more developments, to see how things play out.