BTC has been coiling here for several days here and i expect it to make its move one way or another pretty soon here. The oft-mentioned CME futs expiration is tomorrow of course..could be the catalyst (on the other hand, its been so over talked about, that may end up being non event)
Bulls need to break us above the upper channel line that we have been stuck in since 10k. However, the lower end of that channel now sits in the low 5k's. No bueno.
I really liked the headfake down, then reversal off of 5750. was very nice V shaped reversal. BUT...i do not like that it has been 5 days since that reversal, and we are still sitting almost exactly where we were after the initial pop. and, just somewhat drifting lower. Need some buyers coming in with volume to add some more confidence that we have seen its low for the next month or so. (I am cautiously optimistic; but growing less so the longer we hang around within 5, 10% of these lows)
Bulls need to break us above the upper channel line that we have been stuck in since 10k. However, the lower end of that channel now sits in the low 5k's. No bueno.
I really liked the headfake down, then reversal off of 5750. was very nice V shaped reversal. BUT...i do not like that it has been 5 days since that reversal, and we are still sitting almost exactly where we were after the initial pop. and, just somewhat drifting lower. Need some buyers coming in with volume to add some more confidence that we have seen its low for the next month or so. (I am cautiously optimistic; but growing less so the longer we hang around within 5, 10% of these lows)