XBTUSD (kraken) formed an ascending triangle following the upmove. We then brokeout higher, but failed to confirm, forming a "big M" double top. We threwback into the pattern (the triangle) and then we moved into a downbreak. We quickly pulledback, then moved lower, now we are pulling back again. The 50% fibonnacci ($8165) has seen price reject 3-4 times, making it a significant area of resistance, along with $8,450-$8500. In addition, we formed three rising valleys, which is a bullish sign.
RSI and Momentum have turned slightly bullish.
Until we break above $8500 we haven't broken above long-term resistance. For now this appears to mostly be whipsaw after a busted ascending triangle with downbreak. We're currently in a high-volume-node (HVN) at $8130, so expect whipsaw here.
RSI and Momentum have turned slightly bullish.
Until we break above $8500 we haven't broken above long-term resistance. For now this appears to mostly be whipsaw after a busted ascending triangle with downbreak. We're currently in a high-volume-node (HVN) at $8130, so expect whipsaw here.
