$BTC
Bitcoin has surged past 93,000 with strength—leaving many people likely feeling confused. This rally hasn't seen any significant pullback, which makes it look quite unsustainable. A major correction is likely next month; the way it climbed up could very well be the way it comes down.
Looking at the chart, Bitcoin has now touched the 120/144 daily moving average resistance levels, which also align with the bearish shark pattern. There's not much room left to rise from here.
Key resistance levels: 94,000 / 95,000 / 96,500
Personally, I closed my long position this morning and opened a short. If BTC retests those upper resistance levels, I plan to add to my short position. I expect a correction of at least 10,000 points next month, and the current risk-reward ratio isn't looking great.
Key support levels: 91,402 / 89,320 / 87,227
Also, since it's the end of the month, many strong altcoins and second-tier mainstream coins are about to close their monthly candles. Because of that, I don’t recommend shorting other altcoin varieties at this time.
