We're seeing some serious consolidation here on the BTC 4hr chart. We are at a key resistance zone from 11.4k to 11.6k. We also have a 4hr squeeze in play.
MFI has been steadily increasing over the last 8 or so periods. Volume is not what I would like to see for a breakout. If we are to see a breakout we would need to see a significant increase in volume over the next 16 hours or so. If we can break out of this triangle with significant volume we are likely to test 12k for a 4th time. We need to push through 12k with force and make our way back up to test the yearly high of 13.9k
If the breakout fails we are likely to see sub 11k and test 10,850 again. I'll be looking for a break above 12k to confirm a bullish break.
MFI has been steadily increasing over the last 8 or so periods. Volume is not what I would like to see for a breakout. If we are to see a breakout we would need to see a significant increase in volume over the next 16 hours or so. If we can break out of this triangle with significant volume we are likely to test 12k for a 4th time. We need to push through 12k with force and make our way back up to test the yearly high of 13.9k
If the breakout fails we are likely to see sub 11k and test 10,850 again. I'll be looking for a break above 12k to confirm a bullish break.
