I failed to provide a timely update to my previous publication where I said that we'd go up and back down. BTCUSD did just that, but did not go down as much as I expected.
This is a positive sign for maintaining a bullish bias as we seem to be creating higher lows on the daily chart, keeping the trend line intact.
Currently we again are facing a resistance level defined by the start of the candle that took us down out of the consolidation zone. As long as we remain under that level, the bears are still in charge. To gain this level again and overcome this resistance, we'll need to see solid price action supported by volume.
I doubt that will happen very swiftly, so most probably a new consolidation zone will be in the making, the upper level defined by that resistance (11.4K), the lower defined by a level gained by the bulls. This level was indicated in my previous prediction and since we have broken above it, this should now serve as support and is situated around 10.9K.
So that leaves us with a trading range of around 500$ and a trend line that is probably going to be tested again by the end of that consolidation zone.
What's next? Wait and see ... I still don't exclude a re-test of the 9.2K level until we have broken above 12.5K, but I lean towards being bullish overall...
Do not forget to check the ideas with the key levels and the longer term outlook for BTC
Long Term Outlook:
Unlock the BTC potential ... When Moon?
Key levels:
BTCUSD Key Levels
Both are still very much relevant to the current situation and give you a high overview of where we are now ...
So what do you think? What is your outlook on BTCUSD?
Leave your comments below and as always, don't forget to "smash that like button"!
Thanks for your visit and have a wonderful day!
This is a positive sign for maintaining a bullish bias as we seem to be creating higher lows on the daily chart, keeping the trend line intact.
Currently we again are facing a resistance level defined by the start of the candle that took us down out of the consolidation zone. As long as we remain under that level, the bears are still in charge. To gain this level again and overcome this resistance, we'll need to see solid price action supported by volume.
I doubt that will happen very swiftly, so most probably a new consolidation zone will be in the making, the upper level defined by that resistance (11.4K), the lower defined by a level gained by the bulls. This level was indicated in my previous prediction and since we have broken above it, this should now serve as support and is situated around 10.9K.
So that leaves us with a trading range of around 500$ and a trend line that is probably going to be tested again by the end of that consolidation zone.
What's next? Wait and see ... I still don't exclude a re-test of the 9.2K level until we have broken above 12.5K, but I lean towards being bullish overall...
Do not forget to check the ideas with the key levels and the longer term outlook for BTC
Long Term Outlook:
Unlock the BTC potential ... When Moon?
Key levels:
BTCUSD Key Levels
Both are still very much relevant to the current situation and give you a high overview of where we are now ...
So what do you think? What is your outlook on BTCUSD?
Leave your comments below and as always, don't forget to "smash that like button"!
Thanks for your visit and have a wonderful day!
Comment:
Beyond my expectations, BTCUSD actually managed to push through the resistance at 11.4K. It is likely now that we will try and find support at that level as the bulls have a battle victory to defend here. I would not say that it is guaranteed yet as I tend to wait for the weekly closure to get confirmation. As long as our daily candles close above that 11.4K level though, it's looking good for a move higher up.
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Twitter: twitter.com/NicoMuselle
