As you can see, the 50, 100 and 200 day moving averages are "consolidating" towards each other. To me, personally, this is a good (bullish) sign; it means we're at more realistic price levels.
50 DMA: 6900
100 DMA: 6050
200 DMA: 3250
I believe the 200 DMA will act as support and the 50 DMA & 100 DMA possibly as resistance; the longer we trade in this range, the lower the 50 DMA will become, so I believe the upper resistance would be around $6k.
In short; I think we are in for a long sideways period between $3k - $6k, a great trading and accumulation zone in anticipation of the next major bull run.
50 DMA: 6900
100 DMA: 6050
200 DMA: 3250
I believe the 200 DMA will act as support and the 50 DMA & 100 DMA possibly as resistance; the longer we trade in this range, the lower the 50 DMA will become, so I believe the upper resistance would be around $6k.
In short; I think we are in for a long sideways period between $3k - $6k, a great trading and accumulation zone in anticipation of the next major bull run.