BTC pushed through resistance at 6800-6900 with volume support. Next major resistance is the downtrend slope from January 2018. The bearish trend resistance coincides with a Horizontal Resistance in the 7700-7800 range. If price can close above and consolidate above the bearish trend, we could see an attempt to make the first higher high this year. Bulls would need to close a daily candle above 10k for a higher high though, and that is several weeks away if it happens at all.
Oscillators are all bullish, but over extended and showing a retrace/consolidation is necessary before continued upward movement. Price tapped the bottom of the Daily kumo. Look for price to stay above the 4hr and/or 6hr kumos to remain bullish. The 5/20 MA has crossed bullish across every time frame, so I am comfortable adding to my long position on dips unless they cross back over on the daily. If price breaks back below 6400 I would exit my positions and look for the market to show a clearer signal.
I will short the resistance, though I am hopeful it will break. There has been increasing, and now significant buy volume on the rise over the past few days, and now the currently daily candle has the greatest volume over the last 22 days, possibly even longer after the daily close in 4 hours.
I collected 50% of the profit on my Long at 7280, And have placed long orders in the marked areas (green) to refill.
Daily w/ Kumo:
Daily:
Hourly:
Oscillators are all bullish, but over extended and showing a retrace/consolidation is necessary before continued upward movement. Price tapped the bottom of the Daily kumo. Look for price to stay above the 4hr and/or 6hr kumos to remain bullish. The 5/20 MA has crossed bullish across every time frame, so I am comfortable adding to my long position on dips unless they cross back over on the daily. If price breaks back below 6400 I would exit my positions and look for the market to show a clearer signal.
I will short the resistance, though I am hopeful it will break. There has been increasing, and now significant buy volume on the rise over the past few days, and now the currently daily candle has the greatest volume over the last 22 days, possibly even longer after the daily close in 4 hours.
I collected 50% of the profit on my Long at 7280, And have placed long orders in the marked areas (green) to refill.
Daily w/ Kumo:
Daily:
Hourly: