Moment of Truth for BTC in short term - Breakout or not?
BTC has been moving in a broad channel for a couple weeks. It is currently making a run at the upper resistance of the channel and may finally be able to push through. If it does, it will test a narrower channel that been in place for less time, but has been tested several times. It is unclear which of these channels is a truer index of market sentiment.
If it moves through the channel, it may be a good buy for the short term (10-15% increase). If it does bounces down off either channel, it suggest it will continue down to the resistance at 9500-10000 or may even move lower as it moves to the lower resistance of the channel.
This is is not trading advice, the market is too unpredictable at the moment, but depending on what we see relative to these channels, there may be chances soon. There is even greater uncertainty due to other variables (e.g., futures contracts) . . .
If it moves through the channel, it may be a good buy for the short term (10-15% increase). If it does bounces down off either channel, it suggest it will continue down to the resistance at 9500-10000 or may even move lower as it moves to the lower resistance of the channel.
This is is not trading advice, the market is too unpredictable at the moment, but depending on what we see relative to these channels, there may be chances soon. There is even greater uncertainty due to other variables (e.g., futures contracts) . . .
Comment:
Bounce ?
Comment:
Looks to be headed back down, possibly to retest resistance at 10000 or lower. From there, it can continue down or finally bounce and breakout signaling bullish movements.
Comment:
I meant to add, note the parallel increasing trends that were both broken, strengthening evidence for the reversal in trend and likely movement to resistance.
Comment:
Bounce from 10300 suggests a triangle analysis vs horizontal resistance. This seemed likely before given the higher lows and lower highs, but the recent bounce seems to confirm. Updated analysis here.
