DrDovetail

Inv H&S Breakout confirmed but may not surpass 100ma

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
THe projected breakout is posted here just under 6.7k. At first that seemed like it would clearly allow it to surpass both the 4hr 50ma(in orange) and 100ma(in blue). However the way the 100ma is now starting to tilt upwards could prove to allow it to maintain resistance and get above the projected target price before the price action reaches it....the 4hr death cross is now solidly in effect and would tak a lot more bullish action to reverse. It's possible but until I see the price action surpass the 100ma and both flip the 100ma from resistance to support and solidify that support...than I have to anticipate that the 100ma will provide some solid resistance especially now that the 4hr rsi is nearing oversold levels. Of course still very possible we can get more bullish action to come. For now I'm still neutral but right when the inv head and shoulders was confirmed I was long to the projected target.
Comment: So far on the 1 day rsi there is plenty of room to go up so we may very well find a way to flip the 100ma to a solidified support line. The bullish case still very much exists...for now I'm simply hodling.
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