Bitcoin price has been narrowing tighter and tighter over the past few weeks. Articles have reflected more bullish views about psychological bottoms, less market volatility, ETFs, and the upcoming Bakkt exchange.
Price has tested its current trendline 5 times and has been able to hold steady.
Stochastic forming possible double top formation
RVI indicates increasing upwards price momentum. However, this also implies more price volatility.
My poorly drawn yellow scribbles are meant to indicate price leaps during Kumo weak points, which has been true since the first spike in the pattern.
Kijun has positioned itself under the price, and the Chikou span may be about to make an upcross on the price which would also be indicative of a breakout.
I'm firm on a rough bottom of ~6374, and depending on news announcements and other crypto developments over the next week, I would forecast the high-end of price at 6723.
Price has tested its current trendline 5 times and has been able to hold steady.
Stochastic forming possible double top formation
RVI indicates increasing upwards price momentum. However, this also implies more price volatility.
My poorly drawn yellow scribbles are meant to indicate price leaps during Kumo weak points, which has been true since the first spike in the pattern.
Kijun has positioned itself under the price, and the Chikou span may be about to make an upcross on the price which would also be indicative of a breakout.
I'm firm on a rough bottom of ~6374, and depending on news announcements and other crypto developments over the next week, I would forecast the high-end of price at 6723.
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