Curdled_Jelly

Possible Sideways Movement for BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Firstly, I apologise for the black lines on chart, just easier for me to black them out instead of redrawing them later.

There seems to be a fairly large sideways channel (in orange) formed when I draw a couple of FIBs. There does seem to be a bit of support at $7,400 and resistance at $7,700, with only very slight breakthroughs on either side. BTC looks as though it is trying to break that resistance, having had a couple of goes at it, but no real strong rally to punch through. If this happens again, and fails, we may see BTC drop back down to roughly around $7,000. This is also very close to a support line (in red). If it does go beyond that, my estimation is mid $6,000.

Conversely, if we break the $7,700 resistance, the next target might be around $8,000. This may be possible as there seems to be an ascending channel formation, as long as BTC bounces off the yellow dotted line support.

I'm still staying fairly neutral here, as BTC is sending out some mixed signals. Trade safe and DYOR, everyone. This is only my (fairly ambiguous) opinion.
Comment: UPDATE: $7,700 resistance broken with a pretty decent green candle. Next target, $8,000.
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