Previously, we wrote; “We continue to see the 106.5K area as a resistance level and are more inclined to see a pull-back from this area. However, a break above this level should take us all the way to 108.5K which represents a more significant resistance area.”
Despite our previous inclination, BTC managed to push above the 106.5K area and reach 108.5K resistance area.
We view the (108.5 – 109)K range as a significant resistance range. A clear break above this range should drive BTC towards 110.5K and 112K.
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