Lets get to it. If you check out our BTCUSD Daily Chart on Coinbase, we just had a nice run from Bitcoin starting July 28th - August 8th. If you would've bought at that support line around the $9100 area and sold on August 8th you would've made yourself a very solid 30% return in a mere 10 days.
What now: RSI is currently downticking from Aug 5th and volume has been decreasing since the end of June. The MACD also appears to be taking a breather at the moment. We're keeping watch to see if we break out of the current channel upwards or if we take a dip back down to the $10,000 range .
Bullish Case: We hold this support around $11,200 and we're able to close above the current channel with a good amount of volume over $12,320. Should take us right into 13K.
Bearish Case: We head back down to the $10,000 levels. Which if the case, we would be laterally buying between 10k-9k region. We would set a stop loss at the time around where the 200MA in white is.
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This is a really interesting analysis, thanks for sharing.
MannyLo
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Taking some profit after the Buy Zone purchases at around $10,700 area. Just over 13% percent return.
MannyLo
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In the Buy Zone $$$
MannyLo
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Heading towards that Buy Zone $$
OxEconomist
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Thanks for your analysis. In my case, I think we are temporarily going again to 10K or even 9K. And then a bull run until the end of the year. My 2 satoshis.