We're again coming up to a strong resistance zone, but also getting close the support trendline.
Bullish Scenario:
BTCEUR
breaks through the green resistance zone over 7600.
Bearish Scenario:
BTCEUR
falls below the red support zone around 7000.
There will be a big move soon, the question is in what direction?
To me it looks like the Bearish scenario is slightly more likely. We have a strong upper resistance zone that has been tested but not broken 3 times recently, we also have a relatively strong RSI and a long way to go to reach the top of the resistance zone.
It looks like the rising trendline that has been support for most of this little bull run will intersect the major resistance zone in the next 6-8 hours... We'll know more then.
Bullish Scenario:
BTCEUR
breaks through the green resistance zone over 7600. Bearish Scenario:
BTCEUR
falls below the red support zone around 7000. There will be a big move soon, the question is in what direction?
To me it looks like the Bearish scenario is slightly more likely. We have a strong upper resistance zone that has been tested but not broken 3 times recently, we also have a relatively strong RSI and a long way to go to reach the top of the resistance zone.
It looks like the rising trendline that has been support for most of this little bull run will intersect the major resistance zone in the next 6-8 hours... We'll know more then.
Comment:
Testing the top wedge, and still very overbought... if we don’t break through soon we could be heading back towards the 6000‘s