ON THE DAILY CHART: The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. However, the gap between the two moving averages is narrowing and an upward crossover seems imminent, possibly indicating that buyers are regaining control.
Bitcoin price is finding resistance at the (DAILY) 200 SMA, which usually holds as a dynamic inflection point, as it was the breaking point for BTC in the most recent DROP when PRICE fell almost 60% on MARCH 08
DAILY and WEEKLY RSI are 49 and 37 respectively, with the DAILY Stochastic in the overbought area, and the WEEKLY STOCHASTIC showing BITCOIN IS OVER SOLD.
DAILY MACD - Is BULLISH and has been since a BULLISH CROSS FORMED ON 21 MARCH. Weekly MACD is currently BEARISH, but there is BULLISH DIVERGENCE with the MACD line appearing to be moving in the BULLISH DIRECTION.
A BULLISH break to the upside out of this ASCENDING TRIANGLE gives a TARGET JUST UNDER $12K (short term) and $14K if PA moves slowly -with the potential for VOLATILE swings in PRICE as BTC makes its way back above the LEGACY TRENDLINE.
The bearish SCENARIO would include a drop in the BTC price to around $3850, where support is very strong -showing its strength as the BOTTOM of the March 08 Sell OFF. This move to the downside would not change my mind as a BULL, as it would actually set BTC up for LARGE DOUBLE BOTTOM, a BULLISH REVERSAL pattern that could launch BTC PRICE to just under $14K by late Summer.
PAY CLOSE ATTENTION to the BTC PRICE to confirm a BULLISH or BEARISH move out of this ASCENDING TRIANGLE as the POTENTIAL GAINS HERE ARE ENORMOUS!
Bitcoin price is finding resistance at the (DAILY) 200 SMA, which usually holds as a dynamic inflection point, as it was the breaking point for BTC in the most recent DROP when PRICE fell almost 60% on MARCH 08
DAILY and WEEKLY RSI are 49 and 37 respectively, with the DAILY Stochastic in the overbought area, and the WEEKLY STOCHASTIC showing BITCOIN IS OVER SOLD.
DAILY MACD - Is BULLISH and has been since a BULLISH CROSS FORMED ON 21 MARCH. Weekly MACD is currently BEARISH, but there is BULLISH DIVERGENCE with the MACD line appearing to be moving in the BULLISH DIRECTION.
A BULLISH break to the upside out of this ASCENDING TRIANGLE gives a TARGET JUST UNDER $12K (short term) and $14K if PA moves slowly -with the potential for VOLATILE swings in PRICE as BTC makes its way back above the LEGACY TRENDLINE.
The bearish SCENARIO would include a drop in the BTC price to around $3850, where support is very strong -showing its strength as the BOTTOM of the March 08 Sell OFF. This move to the downside would not change my mind as a BULL, as it would actually set BTC up for LARGE DOUBLE BOTTOM, a BULLISH REVERSAL pattern that could launch BTC PRICE to just under $14K by late Summer.
PAY CLOSE ATTENTION to the BTC PRICE to confirm a BULLISH or BEARISH move out of this ASCENDING TRIANGLE as the POTENTIAL GAINS HERE ARE ENORMOUS!
