This month we have seen BTC aggressively move upwards with obvious consolidation ranges before more upside, but does this mean it will happen now again?
On a shorter time frame, the 4H, BTC looks to be forming another bullish consolidation before more possible upside.
- But the lines marked at 8900 and 9150 are strong resistance, and could potentially be staunch resistance for BTC.
On longer time frames, the 2D, 3D, and Weekly are looking quite healthy. I say this because Stochs are looking very positive, RSI is healthy as it is breaking off and away from the EMA, and more importantly because BTC is currently above all major moving averages. - The only exception being the 200MA on the daily, this could still send price action back down...
What I would like to see for me to turn more bullish:
- A weekly close above 8500 (the high of the previous week).
- For a 2D & 3D candle to take out the previous high of each candle (8900):
- THE MOST IMPORTANT is for a Daily to close a candle above the 200MA, this is vital for more long term bullishness in my opinion:
I would not be surprised if BTC consolidates near the current 8700-8900 region some more, as this would be more healthy in terms of it breaking out above $9000. - Similarly, I would not be surprised to see BTC come down to around 8400 to test the 10MA as it has done that a few times this month in its move up...
If BTC rejects from around 9000 then I expect a pullback to firstly around 8300, as this is very strong support (also would line up with a .382 Fib retracement).
On a shorter time frame, the 4H, BTC looks to be forming another bullish consolidation before more possible upside.
- But the lines marked at 8900 and 9150 are strong resistance, and could potentially be staunch resistance for BTC.
On longer time frames, the 2D, 3D, and Weekly are looking quite healthy. I say this because Stochs are looking very positive, RSI is healthy as it is breaking off and away from the EMA, and more importantly because BTC is currently above all major moving averages. - The only exception being the 200MA on the daily, this could still send price action back down...
What I would like to see for me to turn more bullish:
- A weekly close above 8500 (the high of the previous week).
- For a 2D & 3D candle to take out the previous high of each candle (8900):
- THE MOST IMPORTANT is for a Daily to close a candle above the 200MA, this is vital for more long term bullishness in my opinion:
I would not be surprised if BTC consolidates near the current 8700-8900 region some more, as this would be more healthy in terms of it breaking out above $9000. - Similarly, I would not be surprised to see BTC come down to around 8400 to test the 10MA as it has done that a few times this month in its move up...
If BTC rejects from around 9000 then I expect a pullback to firstly around 8300, as this is very strong support (also would line up with a .382 Fib retracement).
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