So BTC continues to trade within this channel. Last night a close above the 15 EMA was a very bullish sign and at this point I do think we will re-test the
resistance area around 9,900.
S1: We break above resistance on this next rally and move to the 11,500 zone
S2: We test the resistance fail to break and retrace back down to support and possibly break below
We have support at the 8,800 area and a break below that would validate my prediction to go back down to the 6,500 area.
- Its important to keep an eye on the movement of BTC right now if you are trading Alts. A rally to 11,500 will cause most Alts to significantly drop due to traders moving their positions into BTC to assure them of not losing and BTC value in their portfolio. If you have long term holds on some alts I would not worry about a dip if BTC rallys. That price will come back and it will come back even stronger!
- Overall I am bullish and do believe we will break resistance and test the 11,500 mark. Until that happens we will continue to trade within this channel.
resistance area around 9,900.
S1: We break above resistance on this next rally and move to the 11,500 zone
S2: We test the resistance fail to break and retrace back down to support and possibly break below
We have support at the 8,800 area and a break below that would validate my prediction to go back down to the 6,500 area.
- Its important to keep an eye on the movement of BTC right now if you are trading Alts. A rally to 11,500 will cause most Alts to significantly drop due to traders moving their positions into BTC to assure them of not losing and BTC value in their portfolio. If you have long term holds on some alts I would not worry about a dip if BTC rallys. That price will come back and it will come back even stronger!
- Overall I am bullish and do believe we will break resistance and test the 11,500 mark. Until that happens we will continue to trade within this channel.