Few days back I played devil’s advocate with the price of bitcoin. Throwing out the idea that maybe, just maybe it would fail around 6k since everyone and their brother was positive it was going to breach it.
Higher and higher she goes…
Price is currently trading near $6,400 and has been up three straight days. The new daily candle just kicked off and the buyers still seem to be out.
So where does it go?
Looking at the chart you can see we have a level around 6,750, thus that would be the next upside target I’m keeping my eye on.
However, we could just as easily turn around right here with there being alot of prior price action at 6300-6400. If price turns down then that 5,900 area is what we need to hold.
If price decides to go parabolic the rest of the week then the 2nd upside target is above 7,300. I’d be very surprised if that happened and if it did I personally am selling a chunk to buy back lower. Parabolic moves are always sell triggers in my opinion.