On the crossroads? BTC medium term update.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As BTC is slowly filling up consolidation pattern PA rests in 3700-3750 USD support zone . Breaking down will mean this area will become solid resistance, increasing probability of resolving this situation to the downside. Although any bounce and close above 12H 200 ema would mean change the behaviour and may lead to pump to 4900-5250 area.

As this is bearish continuation pattern we are leaning to the bearish scenario as most probable. In short term there may be a bounce and play between 200sma/200ema as thick resistance zone . This will not violate the overall scenario.

Trade safe!