BTC continues to moves past strong resistance lines and the 200 day MVA, and bull are getting excited.
What I see is that we are still retracing the broader move down. Yes, we are still in a down trend!
On the chart I've drawn some simple fibs based on the structured part of the recent downward movement, and they line up nicely. I would anticipate that we will either turn here or push to the 62% retracement before moving down further to continue towards the base trend line set back at the 3k region (and possibly lower). RSI is reaching 70 on the daily and almost 80 on the 4 hourly.
In my previous idea I saw 9100 as a significant resistance point and although BTC did react off it, it has pumped straight through it and the 200 day MVA.
If we move past 10100 to the upside I would be more inclined to be bullish on BTC.
What I see is that we are still retracing the broader move down. Yes, we are still in a down trend!
On the chart I've drawn some simple fibs based on the structured part of the recent downward movement, and they line up nicely. I would anticipate that we will either turn here or push to the 62% retracement before moving down further to continue towards the base trend line set back at the 3k region (and possibly lower). RSI is reaching 70 on the daily and almost 80 on the 4 hourly.
In my previous idea I saw 9100 as a significant resistance point and although BTC did react off it, it has pumped straight through it and the 200 day MVA.
If we move past 10100 to the upside I would be more inclined to be bullish on BTC.
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