Bitcoin: range breakdown or deviation?
Let's make this really simple:
Based on the weekly range the range low is at 25.937$ and #btc currently is trading below. Bulls need a daily close above that line in the sand otherwise it would increasingly look like a bearish retest pointing south.
Weekly supports at 24.316$, 21.830$ and 19.291$.
Monthly support at 23.300$.
There's strong confluence around that level with a long standing trendline I expect not to be broken without fundamentally negative news.
My current best guess:
1. Back up into the range making this a deviation.
2. Local top around range mid-point.
3. Sideways and bleeding out from there.
4. Strong bounce around monthly support / trendline.
Based on the weekly range the range low is at 25.937$ and #btc currently is trading below. Bulls need a daily close above that line in the sand otherwise it would increasingly look like a bearish retest pointing south.
Weekly supports at 24.316$, 21.830$ and 19.291$.
Monthly support at 23.300$.
There's strong confluence around that level with a long standing trendline I expect not to be broken without fundamentally negative news.
My current best guess:
1. Back up into the range making this a deviation.
2. Local top around range mid-point.
3. Sideways and bleeding out from there.
4. Strong bounce around monthly support / trendline.
Trade active:
So far #btc is behaving well, 1. achieved, now let's see how far this will go up, target is mid of the trading range (~28.000 - 28.200$).
Trade active:
2. achieved as well, as described above 4 weeks ago, I'm expecting the range mid point to be the local top now. Let's see what #btc has in store...