This is a really important area of resistance for BTC. The .50 fib is typically a best to overcome (though I don't doubt Bitcoins ability to smash through resistance). Consolidation needs to come at some points with profit taking. I think it's now.
With everything up (stocks, commodities, crypto), people may be derisking their portfolios very broadly and I'd...
Looking to short down to the $1359 area following the recent gains. Some consolidation may be needed before a bigger gain and confirmation of a bullish cycle on the higher time frames.
The political environment right now is sufficiently volatile to allow for further gains in Gold so it could be that the price will continue to ascend to the $1453 area next.
Currently looking at this short position on $IXIC focusing on the 0.618 fib located at $6952. The fundamentals maintain this short play, with the downside protection broken.
Ascending channel broken for the second time, fibs support a drop, EMA 50, 100 & 200 on 4H and 1D are all broken to form resistance. No obvious resolution to trade war.
I think we're going to see some potential fakeouts in the next few days resulting in a lot of people being stopped out of their positions both long and short.
There are two likely scenarios currently that I can see:
1 - The price rises to test the resistance area highlighted, potentially breaking it and rising to the mid $11,000 range.
1.1 - The price rises and...
BTC/USD has had an incredible few weeks but I think there is need for consolidation as the bulls begin to take profit. I can see us forming a double top around ~8800 and it rejecting down to fall through 50 & 100 EMA which will form resistance for a visit back to $6400. Once the price has consolidated, we will need some more positive news to see moves like we've...
If Gold can hold in the mid $1270's range, I can see significant upside for the coming months. Obviously you must remain aware of the context of how this price is influenced, but the technicals support this play.