BTC pushing up against resistance. Waiting for confirmations.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In the 4 Hourly graph we can see price action meeting resistance around the $5800 mark. This is shown by the blue box market ‘resistance area’. There has been strong buying action at $5400 market as ‘Potential support No.1’. If enough buyers accumulate then it should push the price past $5800. In this regard if the price pushes strongly past $5800 then the up trend should continue.

The general direction of the trend is marked by the three moving averages. The stochastic is falling but the price remains high, indicating continued buying pressure. If the price falls past the first support then the second area ‘Potential support No.2’. Should come into play, with the moving averages coinciding with the recent highs as support.

At the moment it almost reads like a 50 / 50 chance of a breakthrough versus and fall through.

Overall though the trend is bullish with some short or medium term selling pressure. Therefore I’m waiting for a better time to enter, where my risk to reward ratio is much better. If the price suddenly spikes above $5950 before retracement then I may enter.
Comment: Price has respected support area 1 and risen, but has not penetrated past the resistance area much. Therefore there is some weakness showing, we should still hold back from buying BTCUSD for now. I will perform a newer analysis.
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