We are currently hitting the resistance line as indicated by Fib and BB in the 1D chart. There might be some give and take, yet it will passed eventually without much pull back. What lies next is what's more interesting. The trend is clear as the floor and ceiling are almost parallel. Yet, there are signs of some slow down when comparing this time's correction to the last time. The next Fib level won't be reached as fast as this one. As the prices approaches the ceiling around 65000, there will be a fall back or a slowdown towards the current resistance to be turned support around 58000. The real build up to the next level would only happen around the time the floor touches with the Fib line, probably around the end of the month.
However, there are some points to consider regarding the continuity of the up trend:
- There is a slight dip in volume when comparing this correction to the last one.
- RSI has a clearer down trend in the peaks, which, if it holds, would indicate faster corrections. This seems to conform with what I mentioned in the first paragraph, if the up trend continues fast.
- A slower progression in the new range is more likely and would be more endurable.
- Fundamentals look good with all the corporate backings in the news, but uncertainty still holds regarding potential inter-governmental restrictions and competition.
- Many would be seeking higher returns from Alt coins, which would decrease volumes on BTC.
On the short term, the trend seems strongly bullish. For the longer terms, it remains to be seen how fast it would continue. My bet is on relative saturation for a while.
However, there are some points to consider regarding the continuity of the up trend:
- There is a slight dip in volume when comparing this correction to the last one.
- RSI has a clearer down trend in the peaks, which, if it holds, would indicate faster corrections. This seems to conform with what I mentioned in the first paragraph, if the up trend continues fast.
- A slower progression in the new range is more likely and would be more endurable.
- Fundamentals look good with all the corporate backings in the news, but uncertainty still holds regarding potential inter-governmental restrictions and competition.
- Many would be seeking higher returns from Alt coins, which would decrease volumes on BTC.
On the short term, the trend seems strongly bullish. For the longer terms, it remains to be seen how fast it would continue. My bet is on relative saturation for a while.