Breakpoint incoming, but where will it take us ?
Hi guys,
Being kinda busy these days, so apologies for not sharing my thoughts on BTC since Friday.
Actually not much of action during the weekend and the first day of the week. We are still stuck in trading in the $9,500 - $10,000 corridor, moving up and down mainly between $9,500 as a lower end of the range and the mid-term diagonal resistance on the high-end. The dynamic resistance is now almost in synch with the horizontal resistance at $9,950-$10,000. Breakpoint incoming, so let's see where it will take us - will bulls be able to finally capitalize on the uptrend and make one final push towards $10k and $10,360 or sellers will hold their support zone once again.
The situation is more or less the same on 4-h chart, heavy ranging, pocket drainer.
On 1-h chart, there is a bull flag that if turned real, can drive us up to $9,760.
Looking at the volumes, they are slightly lower than what we had on Thursday and Friday, down to $21 billion from $24-$25 during the mentioned period. In the meantime, the momentum is basically missing as the RSI index is showing no signs of a strong trend in either direction.
Let' see what happened last few times when we were around that area.
1. Back in February, the uptrend was exhausted and we saw a reversal to the downside. We were near the same levels as now.
2. Mid- April Marked the end of a two-week consolidation phase, followed up by an uptrend.
3. Which one will it be now - p1 or p2 ?
Cheers,
Being kinda busy these days, so apologies for not sharing my thoughts on BTC since Friday.
Actually not much of action during the weekend and the first day of the week. We are still stuck in trading in the $9,500 - $10,000 corridor, moving up and down mainly between $9,500 as a lower end of the range and the mid-term diagonal resistance on the high-end. The dynamic resistance is now almost in synch with the horizontal resistance at $9,950-$10,000. Breakpoint incoming, so let's see where it will take us - will bulls be able to finally capitalize on the uptrend and make one final push towards $10k and $10,360 or sellers will hold their support zone once again.
The situation is more or less the same on 4-h chart, heavy ranging, pocket drainer.
On 1-h chart, there is a bull flag that if turned real, can drive us up to $9,760.
Looking at the volumes, they are slightly lower than what we had on Thursday and Friday, down to $21 billion from $24-$25 during the mentioned period. In the meantime, the momentum is basically missing as the RSI index is showing no signs of a strong trend in either direction.
Let' see what happened last few times when we were around that area.
1. Back in February, the uptrend was exhausted and we saw a reversal to the downside. We were near the same levels as now.
2. Mid- April Marked the end of a two-week consolidation phase, followed up by an uptrend.
3. Which one will it be now - p1 or p2 ?
Cheers,
