Looking at the Ichomoku "double settings" we can see the attempted break through Ichimoku was rejected at Fibonacci (0.618) with profit taking forcing BTC to slide along the Seknou (green line) wedging itself between the 200EMA, rising support & Fibonacci (0.382).
MACD shows its ready for slight cool off but overall, volume/rally would over come this and push higher.
RSI is in the region of becoming overbought and has dropped accordingly and remains below this years average 60, currently at 55 but the whales have pushed above 80 previously and should better aligned with trend/volume/signals.
These would be my critical points:
1 Drop in price towards last channel support, < $8700
- 200EMA (red) will provide mid level Fibonacci support at this point as it has recently done also converging with above channel to strengthen & historically to break the 200EMA, large volume is needed, in this environment, possible. Under this, Fibonacci (0.382) and Ichimoku "Double Settings" would seem to provide an alternate, although longer route upwards $7800, trading around these Fibonacci levels would not be advised in current environment.
2 Fibonacci Level (0.382) support consolidating sideways price action leading to alternate Ichimoku route or shorting resulting in the test of lower (0.236) $8400
- During the alternate route The 50MA would turn +ive with early bull rally of April...last time this scenario came up, the price was dumped to delay the 50/200 cross. Remembering large buys initialised at $7000, this would be a conceivable bottom or higher depending on market conditions/volume, but would expect the 50MA and Fibonacci (0.236) to strongly protect this level.
3 Pattern analysis previous post "Bitcoin (BTC) - Symmetrical Pattern"
- Rise upwards within the green ellipse, would require using the channel support/200EMA to bounce, encountering major profit taking on the way up although reducing the higher BTC goes.
Thoughts:
Taking Bitcoin as an asset or commodity (at least a commodity within Cryptocurrency) will require working product (low fee, fast transaction-end of year) and/or low volatility, but is there a better business model where the community do the work to upgrade your tech....for free (less so with alt coins)
also profit taking/volume of this size is unheard of lately......so is the heard is back?
this seems plausible as Korean alts still strong, (EOS,TRX,QTUM,ADA,XPR,BCH) all largest 24 HR volume. Scary thing
seems Tether still lingers.
BTC is seeing some tough times , so I should write this:
***Education Purposes only***