Since the run up late June, we've seen a month of consolidation as the market digest the move. I see $BTC trading in a descending channel, but more recently trading in a continuation triangle pattern. The triangle points to more downside, but until we start breaking down below $9400 I remain neutral as price could easily break upwards. The grey boxes indicated supply zones, and if prices breaks above 10.2k it would confirm the Adam and Eve double bottom, which would be good for the bulls. But, in order to push through the overhead resistance we will need to see a significant amount of buy side volume step in to absorb all that supply.
Comment:
Here you can see BTC has 12H TD13 count, and has been riding the top of the BB for 7 candles now... I'm looking for some type of correction to load up on more BTC. I'm going to place buy order at 10,600, the R1 pivot at 10,440, and I'll probably have some orders in the lower 10k range as well... A strong bounce off of 10.2k could propel us to R2 hourly pivot at 11.3k
Here you can see BTC has 12H TD13 count, and has been riding the top of the BB for 7 candles now... I'm looking for some type of correction to load up on more BTC. I'm going to place buy order at 10,600, the R1 pivot at 10,440, and I'll probably have some orders in the lower 10k range as well... A strong bounce off of 10.2k could propel us to R2 hourly pivot at 11.3k
Comment:
1.618 the target
1.618 the target
Alright we got the breakout, and some nice volume to go with it. If we are to climb BTC needs to cool off, correct back to the lower 10k range, find new demand, AND then move upwards again.