Bitcoin technicals: How low will BTC price go after failing at $42K resistance?
Bitcoin price rejection at $42,000 means BTC is now trying to find new high lows, but at what price levels? Bitcoin (BTC) has seen an impressive rally of 44% with ten green days in a row. This rally and the substantial number of green days resulted in a sentiment shift. Practically two weeks ago, the market was comparable to a funeral, with many expecting more downside to $20,000. However, the sentiment completely shifted after the breakout above $31,000. The current sentiment is the expectation of Bitcoin to rally to $100,000 or higher in the second part of this year, while on-chain....
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Last week Bitcoin exhibited relative strength in the marketplace when compared to precious metals, adding to the fundamental bull case, however the near term technicals are saying that perhaps the market is not yet ready for a breakout move higher. While our bias remains generally bullish for the time being, we realize the market could stay around for awhile first. Last week we saw a somewhat surprising continuation of the near term rally up towards the $755 level where sellers began to move in to put a cap on price. Following that local top, price began to show signs of diminishing....