Bitcoin’s Move Higher Is Still a “Fadable” Rally, Analyst Says


Bitcoin has surged decisively higher over the past 72 hours, moving from the $10,600 range to as high as $11,500 on Friday evening. As of this article’s writing, the leading cryptocurrency trades for $11,350, just around 9% above the weekly lows. Despite this decisive surge higher, not everyone is convinced that Bitcoin will continue its ascent. Not Everyone Is Convinced of Bitcoin’s Move Higher One crypto-asset trader noted that the ongoing move higher is still not decisively bullish on a medium-term time frame. He shared a chart indicating that BTC is still running up against some resistance to the upside that may result in a reversion lower, potentially under the early September lows: “$BTC – This is still a fadeable move imo. Still Range Bound and currently retesting the Range highs. I will be interested in entering into short positions on a break below $10,950s. Staying patient. Compounding those below…

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