Bitcoin is currently moving inside a defined parallel channel. On a larger timeframe, we can also see a defined range with support around $6600 and resistance at ~$7170. I believe we should see high 7100s in the next few days but ONLY for a brief period before dropping to a level within $6400-$6600.
Crossing above $7500 or below $6400 would be considered a breakout, and further analysis will be needed then.
If you agree with this chart please give thumbs up! Would love to hear your comments as well.
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Don't get too excited just yet. BTC hit resistance and it seems to be going down again.
Looks like it's above $7500. How long does it have to hold for it to considered a breakout?
davec83
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@uzairn, we already broke out of the range, but key resistance is still holding bitcoin down.
JackieHuynh
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actually we are moving in symmetric triangle.
davec83
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@SamHuynh, You can see it that way, we will see what happens in the next couple of days.
JackieHuynh
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@davec83, lot of people has overlooked the BTCUSDshort. I know it is at ATH now . However, its daily RSI is in oversold now and its weekly chart's TD sequential has screamed for a reversal already
YardleyRosette
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Place the downtrend line
davec83
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@YardleyRosette, Do you mean on a larger time frame or...? If you do (which is not what this chart is about), then a bearish continuation is certainly a possibility, I want to see how bitcoin develops before calling a bearish continuation or a reversal. We still have $5800-6000 as key support.
YardleyRosette
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@davec83, *cough* *cough*. Hehe. I just now could see the trendline way up there in your chart. Sorry man.