Hourly BTC chart shows an ascending channel where we have higher highs and higher lows. A breakout above trendline is a bullish signal while breakdown below will indicate signs of bearish price action. This could be a good opportunity for swing traders. The big run up on 21st was followed by a significant sell off where support of 6250 was tested. Currently we are below 50 MA and right on 100 MA (hourly), RSI is in neutral for the time being; still ascending; resistance seems to be around 6500, if we are to break it, next ceiling is at 6600. Alternatively, if price starts to break down we can expect a brief stop around 6300 possibly 6250 and then 6k.
Comment:
We touched bottom trendline around $6370 but bounced up for the time being; ascending channel is still intact as of this writing however I expect it to continue down as shorts keep piling up.
Comment:
Still inside of the ascending channel; Bitcoin is slowly making its way up despite absence in volume. If anything volume has been on the decline, which is a little counter-intuitive. Makes me suspect that this is a bull-trap. RSI is slightly above neutral on the hourly and perfectly in the middle on daily. My opinion remains bearish unless I see some significant volume come in. I think sooner rather than later we will see 6500 again, this should be a good point of support for the time being. Constructive criticism is appreciated.
