BTC has been range bound for some time now. There has been particular difficulty breaking through the 10k barrier but we now appear to be tracing a descending triangle on the 4 hour chart. MACD also is showing weakness on the 4 hour chart. 50 and 200 day MA’s are also looming just above the current price. Would not be surprised to see a retest of the recent short term lows around 9200. A break there could expose the 8800 level.
Trade closed: target reached:
We did reach the lower resistance at 9225. I closed the short position, now look towards the upper resistance of the triangle around 9400-9425 and may enter long if we breach the upper resistance