BTC is currently consolidating but showing an attempt on a breakout at fib .382 and a cloud. If volume holds and market sentiment remains positive, a breakout could occur at the $3996 (fib .5) level which also happens to be obvious psychological resistance. Once 4k is broke, a significant bull run is likely. There is still a very feasible bear scenerio present, but this is just one side of two coins to consider.
Comment:
Consolidation looks really good. Price stayed in upper half of channel and bounced well twice. BTC will likely test resistance within the next 12 or so hours, so be on the look out for a potential breakout and trade accordingly!
Comment:
BTC has officiall broken resistance after consolidation. It pumped nicely but has temporarily lost some momentum. This is partly due to low volume with market indecision and confidence being primary factors. BTC will likely continue consolidating along fib .5 (3996+/-) before continuing its upward push. RSi is indicating a slight correction with MA/cloud support and overall market sentiment indicating bullish trends.
Watch closely, while I think this is a very likely scenerio, I also think the market is fragile and any negative news could negate TA, as usual.
Watch closely, while I think this is a very likely scenerio, I also think the market is fragile and any negative news could negate TA, as usual.
Comment:
BTCUSD is still consolidating with a slight downard trend. Price still has MA support from the 144 and is looking to challenge cloud projection. 1hr RSI is nearing floored and i'm expecting a trend reversal back upwards in momentum. Anywhere in current price range (3900) is a good buy.
Below: Same drawings as above with priceline update.
Below: Same drawings as above with priceline update.