The market is not out of the Woods, but with no new FUD and absent any new headlines, the market appears to be poised to test higher and we could see our first 10K handle in BTC/USD since 2 weeks ago by late this week or early next week. The trading activity is stagnant and low volume is concerning, but the positives is that it is trading in a tight triangle formation that is nearing its breakout point. The top of the triangle resistance is ~8900 and the bottom of the triangle formation is ~7850. A review of the 4HR and 1HR charts looks like the market has room to the upside and the RSI appears to be neutral and starting to point higher. The bulls need a move over 8900 supported by solid volume, that could spike the market (possible stops over 9000) and we should be testing resistance in the ~9800 area rather quickly. As mentioned, BTC/USD could be trading a 5 figure price real soon!
As mentioned in prior posts, we were scale down buyers in BTC, ETH, LTC and a few other coins. Sitting comfortably and looking to see this market by late March trading comfortably in the 5 figure handles and recording higher lows in the 14K range. We know when we are wrong and have our Stops below. *This is purely for educational purposes and is in no way investing advice*
If you look last 15 minutes on trading view, BTC is at strong buy , its going over 9000 soon
CADI13
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@crypto008, thanks for the feedback. I will review the 15 minute. Even if it breaks over 9k, with out any decent volume to support the move, it could be a short lived move into the 9K area. Not that it would fall apart, but would trade back down to the lower end of the trading range and we would have to reassess our targets and stops. Happy Trading :)