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The counter bullish outlook for bitcoin

SourceOriginal
#1
Traders have been cautious since the bitcoin price hit $9,200 on January 19.
The $9,200 to $9,400 range have acted as heavy resistance for BTC throughout the past four months, and BTC is coming off of a large upsurge.
The bullish short-term scenario for bitcoin is if the monthly BTC candle closes above $9,500 heading into February.
That would indicate that BTC is positioning for an extended rally to occur, breaking out of an important resistance level.
“I HAVE NO IDEA WHERE WE’RE GOING NEXT. BEARS GOT PLAYED AND BULLS GOT PLAYED, HTF SUPPORT SUPPORTED, HTF RESISTANCE RESISTED. I’LL RETREAT TO MY NO-TRADE CAVE AND WAIT OUT THE WEEKLY AND MONTHLY CLOSE. I TRADE A LOT WHEN I KNOW WHAT’S GOING ON, I DON’T WHEN I DON’T,” PROMINENT TRADER DONALT EXPLAINED.
Both bearish and bullish scenarios for BTC heavily depend on how the price would react to the monthly close. Based on its steep six percent rejection at $9,200, traders are weighing towards the bearish technical formation to play out, for now.
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