10k is a huge milestone for BTC thus making it a strong psychological resistance.
I'm seeing another possible breakout around 10-11k, but it is highly likely that the price will correct sharply from there (possibly down to 6-7k). The scenario could be similar to the sharp correction from 7800 to 5500 (see circles, boxes & arrows). At the very least a sideways correction may happen around 8.3k-11k.
The high volume profile around 9-11k area further affirms that this is a heavy take profit zone that may lead to a correction.
Alternatively, a possible huge blow off to 12k+ may still happen but highly unlikely in my opinion unless there is a huge fundamental drive (e.g. ETF being approved).
Overall, I'm bearish on BTC mid term as long as we do not see a strong daily open and close above 11k.
Already took heavy profits around 10-11k and looking to open a small short if we see a failed break out above 10k.
Note: Chart is on log scale.
I'm seeing another possible breakout around 10-11k, but it is highly likely that the price will correct sharply from there (possibly down to 6-7k). The scenario could be similar to the sharp correction from 7800 to 5500 (see circles, boxes & arrows). At the very least a sideways correction may happen around 8.3k-11k.
The high volume profile around 9-11k area further affirms that this is a heavy take profit zone that may lead to a correction.
Alternatively, a possible huge blow off to 12k+ may still happen but highly unlikely in my opinion unless there is a huge fundamental drive (e.g. ETF being approved).
Overall, I'm bearish on BTC mid term as long as we do not see a strong daily open and close above 11k.
Already took heavy profits around 10-11k and looking to open a small short if we see a failed break out above 10k.
Note: Chart is on log scale.
