Here is a quick update on BTC.
Price presently bound within a wider channel, with peaks and troughs of the channel respecting fib levels.
One of the major attribute of wide channels is that its creates huge swings up and down the channel thus causing huge volatility.
So with the swings up and down this channel, i do expect a huge volatility as BTC corrects downwards, and this volatility may cause some blood at intervals in the Alt market.
Bull Bias
Price dropped down to the trendline support of the channel which coincides with the 0.382 fib retracement level where we had a bullish bounce straight to the top (resistance) of the channel which also coincides with the 0.236 fib retracement level, where price is currently facing stiff resistance, and consolidating.
A break and a close of the daily or 4 hour candle on huge volume (volume is a key indicator within this area) above the channel resistance and 0.236 fib level will take us straight to our previous Top between 12465-12606 where i do expect a double top formation and a pull back to continue the correction.
One the other hand, if the bulls succeeds in taking price above this level, then i expect a continuation of the uptrend above our local top to a new high.....Targets will be update as events unfolds.
Bear Bias
On the flip side, if price gets rejected by the trendline resistance and 0.23 fib retracement level, i do expect another huge swing downwards straight to the trendline support of the channel on the 0.5 fib retracement level at 8500 area before another swing up (possibly to the 0.382 fib level at 9800)
If price continues to swing up and down this channel as it enters a final correction face, then we may see a swing down to the next trendline support......the golden fib level at 0.61 which is exactly 7200-7000 area, after price must have hit the 0.5 fib level at 8500 (support), and the 0.382 fib level at 9800 (resistance) all within the channel. This is expected to happen between now and Mid July/End of July IMO.
Finally, so long as price is still trading below 12465-12606 reisitance area, we remain in a downtrend correction until we break above this levels.
So for now the bias is still to the downside until this resistance level is taking out.
Price presently bound within a wider channel, with peaks and troughs of the channel respecting fib levels.
One of the major attribute of wide channels is that its creates huge swings up and down the channel thus causing huge volatility.
So with the swings up and down this channel, i do expect a huge volatility as BTC corrects downwards, and this volatility may cause some blood at intervals in the Alt market.
Bull Bias
Price dropped down to the trendline support of the channel which coincides with the 0.382 fib retracement level where we had a bullish bounce straight to the top (resistance) of the channel which also coincides with the 0.236 fib retracement level, where price is currently facing stiff resistance, and consolidating.
A break and a close of the daily or 4 hour candle on huge volume (volume is a key indicator within this area) above the channel resistance and 0.236 fib level will take us straight to our previous Top between 12465-12606 where i do expect a double top formation and a pull back to continue the correction.
One the other hand, if the bulls succeeds in taking price above this level, then i expect a continuation of the uptrend above our local top to a new high.....Targets will be update as events unfolds.
Bear Bias
On the flip side, if price gets rejected by the trendline resistance and 0.23 fib retracement level, i do expect another huge swing downwards straight to the trendline support of the channel on the 0.5 fib retracement level at 8500 area before another swing up (possibly to the 0.382 fib level at 9800)
If price continues to swing up and down this channel as it enters a final correction face, then we may see a swing down to the next trendline support......the golden fib level at 0.61 which is exactly 7200-7000 area, after price must have hit the 0.5 fib level at 8500 (support), and the 0.382 fib level at 9800 (resistance) all within the channel. This is expected to happen between now and Mid July/End of July IMO.
Finally, so long as price is still trading below 12465-12606 reisitance area, we remain in a downtrend correction until we break above this levels.
So for now the bias is still to the downside until this resistance level is taking out.
