SIGPokerKing

8H closes above resistance on 4th attempt

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
While trading above 59000 overnight, BTC failed three consecutive times to close an 8H candle above the important level of a previous March ATH of 58354 (yellow line).

Finally, the 8H candle ending at noon EST closed above that level, however BTC was sinking in the 30 minutes prior to the candle close, and could have closed below or at this level again. In fact, the current candle has already tested this level, and needs to be watched closely for signs of BTC breaking down after the positive momentum provided by Visa's announcement on Monday morning.

In my last post (attached, see below), I was evaluating the difficulty BTC was having closing above the March 21 ATH . There is more information contained in that post regarding potential support levels.

Comments

Sooo.. it did close above it or it didn't? It's 100% confirmed or it isn't? :-)
Reply
@JAYD603, Did you read the title? ; ) I wrote that the noon candle closed above the yellow line resistance. From a breakout confirmation standpoint, the current candle (30 minutes old) has already tested this level and bounced off. In traditional TA, this would be considered a breakout and successful retest.
+1 Reply