DrDovetail
Long

BTC 4hr 50ma trying to lift price action out of fallingwedge

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It's come down to the strong support of the 4hr 50 ma vs. the strong resistance of the 1 day 50ma...who will win? We can see here on the 4hr chart that the 4hr 50ma is doing its best currently to hoist the price action up out of the falling wedge for a breakout but each and every time it tries to breakout the 1day charts 4hr 50ma gives it a strong rejection back down into the wedge . For now I'm bullish until both moving averages get slightly closer to eachother once price action is finally getting squeezed between the 2 like a pair of chopsticks I will be more neutral, however, btc may have gained enough bull momentum from the breakout of the wedge to help the 4hr 50ma muster the strength to overcome that resistance and actually solidify it as support for once. I've been consistently saying this whole time that we need to solidify the 1 day 50ma as support in order to sustain any further bullish upside. That remains true...so in the short term until we get back up to the 1 day 50ma I'm bullish then when we get there I'm neutral until I see it flip to solidified support...if it can do that then I'm definitely long. Mainly for the immediate future I think the 4hr 50ma is powerful enough to at least reach the 1 day 50ma before potentially solidifying as any kind of resistance.
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