So for the third straight time, BTC bounced off the upper end of the channel and has come down and hit the monthly pivot. It still could blast through it but for the moment it looks like its going to hold. After the dust settles and retraces, there may be some range moves, but barring some major fundamental news, BTC will likely keep within this ~6300 - ~8900 range (assuming price holds above the pivot) for the next several months. Keep note for when price moves back over to the lower bound of the channel to catch another major move higher, or a short on a break.
Once the dust settles here a bit, there will likely be an opportunity for a long on the retrace but don't aim for a break of the recent high. That likely will not happen until at least Summer 17 assuming upward continuation.
Good luck all. Feel free to leave any critiques or criticisms.
Once the dust settles here a bit, there will likely be an opportunity for a long on the retrace but don't aim for a break of the recent high. That likely will not happen until at least Summer 17 assuming upward continuation.
Good luck all. Feel free to leave any critiques or criticisms.
Comment:
Yeah, it definitely didn't hold above the pivot. We are currently at the bottom of the channel right about the 200 MA. Futures premiums are well in the negative which has indicated bottoms in the past.