>In the retraces since the Dec. ATH, the .845 and .886 levels have provided good bottom support ranges for consolidation before up moves.
On the bounces, the previous .386 level of each retrace has given very good top levels.
>BTC is now consolidating in the .845-.886 range again and the .382 of this most recent downtrend is confluent with 1W, 3D, and 1D levels.
>Assuming we see a bounce from this zone, a short squeeze could take it as high as the 6.9k region. The range of 6.8-6.9 would be the one to keep an eye on if it approaches as a strong consolidation there or strong closes above would indicate further upside. Rejection from that level would potentially indicate new lows for 2018. This seems the most likely unless Bulls are able to print a HH above 8.5 which would confirm a HL from current levels.
Like, Share, Follow. Peace!
On the bounces, the previous .386 level of each retrace has given very good top levels.
>BTC is now consolidating in the .845-.886 range again and the .382 of this most recent downtrend is confluent with 1W, 3D, and 1D levels.
>Assuming we see a bounce from this zone, a short squeeze could take it as high as the 6.9k region. The range of 6.8-6.9 would be the one to keep an eye on if it approaches as a strong consolidation there or strong closes above would indicate further upside. Rejection from that level would potentially indicate new lows for 2018. This seems the most likely unless Bulls are able to print a HH above 8.5 which would confirm a HL from current levels.
Like, Share, Follow. Peace!
BOOM! Oldest mantra in trading: Buy support, sell resistance. That move is exactly why