- Low Time Frames (LTF) have healthy volume coming in, which is what I wanted to see at this level.
- Looks like a C&H is forming on 1D chart
- It had its pump several weeks ago and since then has cooled off, I think it's ready to make its move back up & reclaim
Trade invalidated if we close below the 2800 support. I anticipate BTC will go sideways for awhile...
Based on the RSI pattern (around the overbought zone) I expect a sharp increase if the 1D MA200 breaks. The same RSI pattern is seen in the past (Dec 2017 - Jan 2018 and April 2018) and on both occasions a strong rise followed (+1600% and +360% respectively). The less optimistic scenario puts the target tag at 0.00006500.