BTC exploded on bitfinex today and left behind a huge wick on the 4h candle.
The pullback has cancelled out 15 percent of the sharp increase, currently resting at the 0.618 fib level.
The +DI has maxed out and is on its way down. Price action looks more likely to steadily consolidate down from here than to flash back up in any flag or wedge pattern.
Local diagonal support as well as horizontal support from previous reversal points would provide a target around 6598 to look into buying back.
With the return of volume, a retest of the now pierced diagonal trendline and resistance is likely, though may take some days of consolidation.
The weekly candle is hoovering around the middle bollinger band, the coming days will have to show whether we close above or below, closing above would be a definite buy signal for longer term bullish movement.
The pullback has cancelled out 15 percent of the sharp increase, currently resting at the 0.618 fib level.
The +DI has maxed out and is on its way down. Price action looks more likely to steadily consolidate down from here than to flash back up in any flag or wedge pattern.
Local diagonal support as well as horizontal support from previous reversal points would provide a target around 6598 to look into buying back.
With the return of volume, a retest of the now pierced diagonal trendline and resistance is likely, though may take some days of consolidation.
The weekly candle is hoovering around the middle bollinger band, the coming days will have to show whether we close above or below, closing above would be a definite buy signal for longer term bullish movement.
Comment:
Third rejection of resistance, possible break downwards to follow.