Bitcoin 89 Or 120k? Resistance & Support: Altcoins Market UpdateBitcoin is moving forward. Bitcoin is headed toward resistance rather than support.
Bitcoin's move above $100,000 was a major development. The advance started on the 5th of November after Bitcoin broke above $74,000, the previous All-Time High.
On the 11-Nov. session Bitcoin reached 93K and 99K on the 20-Nov. session. The current session, which started today and ends 8-Dec. Bitcoin moved above 100K.
Notice that there hasn't been a single correction since Bitcoin started to move up from 6-September. This is a major bullish signal. There are no rejections nor retraces above 74K either. This tells us that Bitcoin is set to continue growing in the days, weeks and months to come. Non-stop. More and more, higher and higher. Continued growth.
Bitcoin is going higher but if a drop were to develop the support level to consider would be 94K and 89K. As long as Bitcoin trades above these levels, the chart remains hyper-bullish. Any trading above 70K is ultra-mega-bullish long-term.
The immediate resistance is set at $105,000, this one is already being challenged. This resistance is followed by a little known one at $114,000. Finally, the main levels on the way up are $122,600 and $138,000. Bitcoin will continue to grow!
When Bitcoin stops moving straight up, it moves sideways. When Bitcoin goes sideways the Altcoins grow.
➖ Altcoins Market Update
We are now in a new phase in the market cycle; everything grows. Expect to see growth all around since Bitcoin is now trading, post-halving, above 100K.
Any retraces and corrections should be welcomed and considered as a buy opportunity. Buy-in, rebuy and reload whenever the market turns red. Buy and hold long-term. Take profits on the way up.
When a pair grows strong, take profits and move to a newer lower trading one.
Bitcoin will continue to grow but potential is limited compared to the Altcoins. The Altcoins have plenty of room available for growth because their market capitalization is much smaller compared to Bitcoin. The best choice for those trading to increase your holdings of BTC.
You can trade Altcoins and with the profits buy BTC. In fact, when your Altcoins go up, you sell them for Bitcoins using the BTC pairs... Just an option, but Bitcoin is the name of the game.
Thank you for reading.
—Your continued support is appreciated.
Namaste.
