Jonty1985

BTC on the run but price on its head.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Downtrend. No HH until price breaks $10,000.

Price rejected by 50MA (the 1D 200MA is at the same
level). A close through $8,500, to break these
resistances.

The last two candles & volume evince very healthy
momentum. Therefore:

i. The MA resistances are unlikely to arrest momentum
without their significance undergoing a more
thorough debate.

Assuming (i) is true, the question becomes: what will
happen when price transcends these M.A.s ?

ii. It is likely that price will reject, at least
initially, from the Fib retracement level at $9,100.
Stoch RSI is resetting bearishly, and could
cross over simultaneously with the printing of a LH.

But in this case, the M.A.s would then be supportive
of price. This could present a bullish setup.

iii . Price could immediately move up into resistance
under $10,000, & the macro Fib level of 0.5. The chance
of this resistance holding without price having made a
healthy consolidation, could present an ideal opportunity
to go short.

For now, the first support is $7,700 - $8,000.
The first resistance is these two M.A.s under
$8,500.

P.S. Monthly sell signal on MACD , and Weekly buy signal...
Watching the Stock RSI .
Comment: "Stoch RSI."
Of course, price could just reject from the MAs immediately, but this is unlikely due to recent momentum, and the fresh liquidity pools above price inciting it upwards.
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