In past history - namely 2013, BTC has hit the trend line from the two previous highs. Image attached below.
The RSI, Macd and general overall sentiment is bullish, but still cautious. I know a lot of people are saying that we're still in a downtrend and this is going to dump soon, but let's see what the chart is telling us.
Currently the charts and the market are telling us that BTC has momentum on its side especially with media, and we've reached an impasse. If we don't cross this resistance point, the pump will end for a short period. Looking at the smaller time frames, however, tells us that there is still buy pressure attempting to cross the chasm. As much as we want a correction to buy some BTC at lower levels, it's better to be patient in this scenario and not make any impulse decisions with small $100 price changes.
If we don't cross this today, prepare to see some real sharp consolidation. If not, BTC has a tendency to surprise and overreach. I'm prepared to sell at the 50MA at around 11.3k or so, but I still have to see what the price action has to say.
Even though the volume does say this overbought state is an anomaly, this is still an opportunity to make profits. Look at the indecision between the 10600 - 10800 range. There are obviously people who want this to train to keep moving up without sacrificing a couple days of 'healthy consolidation'.
This is my first analysis and I'm throwing it in the wind here but it's the only way I'm going to get better. Hope this helps with your trades!
ALSO: If you didn't know this already and you're on Bitmex, price fluctuation is about $100 difference positive or negative from Bitfinex. Don't get burned!
Past:
The RSI, Macd and general overall sentiment is bullish, but still cautious. I know a lot of people are saying that we're still in a downtrend and this is going to dump soon, but let's see what the chart is telling us.
Currently the charts and the market are telling us that BTC has momentum on its side especially with media, and we've reached an impasse. If we don't cross this resistance point, the pump will end for a short period. Looking at the smaller time frames, however, tells us that there is still buy pressure attempting to cross the chasm. As much as we want a correction to buy some BTC at lower levels, it's better to be patient in this scenario and not make any impulse decisions with small $100 price changes.
If we don't cross this today, prepare to see some real sharp consolidation. If not, BTC has a tendency to surprise and overreach. I'm prepared to sell at the 50MA at around 11.3k or so, but I still have to see what the price action has to say.
Even though the volume does say this overbought state is an anomaly, this is still an opportunity to make profits. Look at the indecision between the 10600 - 10800 range. There are obviously people who want this to train to keep moving up without sacrificing a couple days of 'healthy consolidation'.
This is my first analysis and I'm throwing it in the wind here but it's the only way I'm going to get better. Hope this helps with your trades!
ALSO: If you didn't know this already and you're on Bitmex, price fluctuation is about $100 difference positive or negative from Bitfinex. Don't get burned!
Past: