EQBM

Short Term Ranging - Overall Bullish

BITFINEX:BTCUSD   Bitcoin
The hourly is showing us we may range in the Senkou Span B cloud for a while longer, with the 200 day EMA acting as mid term resistance. However, the daily is sitting on top of moving Ichi cloud support levels and the hourly is continuing attempts to breakout, with a new crossover appearing. 9k held as strong support, and the uptrend should continue in the upcoming weeks. However, 10k was previously rejected seriously, so a break of 9k to roughly 8.4-8.6k on the daily is possible. If we hold there and recover to these levels, 10k+ is in store, otherwise we will likely retest the 6.5 - 7k range next. With this being said, we are still ranging nicely in this area and bitcoin's price movements look healthy.

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