We saw a major breakout yesterday and are hoping to continue the trend. So where will it go? If you look at the previous swing low of 6k, there was a large breakout to the upside. We saw resistance at the 55MA and then support at the 21MA. Looking at the FIB, I think there's a possibility we'll see the same with BTC this go around. These moving averages will dictate if the bull run continues or if it's a fractal of the previous event. Good luck and stay level headed!
Trade active:
Huge resistance/support level being tested right now (the most significant based on 6 month VPVR history). BTC looking bearish at the moment after falling below 1hr moving average lines but we could see some sideways action. Watch for key wedge pattern to signal direction. Monitor volume to confirm either breakout.
Comment:
As originally posted, we're testing the 55MA line for resistance. Watch for pull back or a break through with significant volume as confirmation.
Trade active:
We exceeded the 1day 55MA and are testing the 100MA resistance. There's significant divergence with RSI so we're looking pretty bearish at the moment. Proceed with caution. Watch for overbought signals on lower time frames.
Trade active:
We're seeing support on the 200MA and forming a wedge. Let's see where it breaks.