When you see candles grinding up against a trend line like we are seeing now, there is a good chance that it's about to break through. We also know that
BTCUSD
has been in a consolidation pattern for a few days now, plus the fact that we are above the pivot point indicates that momentum is still to the upside. Also every dip his been bought up almost imminently so we can assume that the bulls are still hungry for more. So everyone buckle up, we are preparing for liftoff
BTCUSD
has been in a consolidation pattern for a few days now, plus the fact that we are above the pivot point indicates that momentum is still to the upside. Also every dip his been bought up almost imminently so we can assume that the bulls are still hungry for more. So everyone buckle up, we are preparing for liftoff
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Volume has been pretty low for awhile now, which is something you expect during consolidation. And besides the few shake out moves we've had during this accumulation, volatility has been almost nonexistent
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Well that false breakout yesterday fooled a lot of us. Once we tapped 9k the bears stepped in and put us back in place. Here's a few things I'm gonna be looking out for.
BTC needs to close above the .618 and the .5 and reclaim these levels as support to show some strenght. If not then I think we break down to the equlibrium of the trading channel. If that doesn't hold than we'll most likley be heading toward that 1.618 fib level.
www.tradingview.com/chart/rscXDg1L/
The pivot points show a few more levels of support we could look for a bounce at.
www.tradingview.com/chart/ysC0ws6Q/
Looking at the daily that move yesterday get's put into perspective. We might be headed down, but if so IMO this would just be a healthy correction. We've known for awhile that BTC has been overextended. So I'll probably be sitting back and watching the market to see how this plays out. Either we show some strength and I'll find an entry point, or we correct and I'll find and entry point after we stabilize.
BTC needs to close above the .618 and the .5 and reclaim these levels as support to show some strenght. If not then I think we break down to the equlibrium of the trading channel. If that doesn't hold than we'll most likley be heading toward that 1.618 fib level.
www.tradingview.com/chart/rscXDg1L/
The pivot points show a few more levels of support we could look for a bounce at.
www.tradingview.com/chart/ysC0ws6Q/
Looking at the daily that move yesterday get's put into perspective. We might be headed down, but if so IMO this would just be a healthy correction. We've known for awhile that BTC has been overextended. So I'll probably be sitting back and watching the market to see how this plays out. Either we show some strength and I'll find an entry point, or we correct and I'll find and entry point after we stabilize.