BTCUSD has steadied itself at the bottom of its trend channel and is making a move to the midline. We see two potential scenarios:
1. BTC retraces to the top of the trend channel (Targets of 5600/5800 USD)
2. BTC bounces off the midline and falls through the bottom of the channel bouncing off a weak upward trendline at 4350 before hitting its strong support around 3750.
In the general market bullish sentiment is weakening. many alt coins are approaching oversold and long term resistances. We recommend keeping at least 50% of capital out of the market at this time. Scalpers can enter now targeting 5400/5600/5800.
1. BTC retraces to the top of the trend channel (Targets of 5600/5800 USD)
2. BTC bounces off the midline and falls through the bottom of the channel bouncing off a weak upward trendline at 4350 before hitting its strong support around 3750.
In the general market bullish sentiment is weakening. many alt coins are approaching oversold and long term resistances. We recommend keeping at least 50% of capital out of the market at this time. Scalpers can enter now targeting 5400/5600/5800.
Comment:
Scalp Targets of 5400/5600/5800 all hit.