Whats up!? Let's take a look at this intriguing BTC situation...
BTC is trying to push higher, and has once again briefly spiked only to fall back down 100-200 points. The orange line is an intermediate uptrend line connecting four recent bottoms, which recently got confirmed again. Buying on this line has proved profitable so far, but the fact that it was just tested twice in a short period of time may be cause for concern.
If this line is broken soon chances are we will fall to the dark blue trendline, which is the top of the large falling wedge on the 1D everyone is talking about. Watch carefully for prices to penetrate right on though, if this happens rapid selling looks likely! May fall back to 6.5 or even lower.
If prices bounce on the dark blue TL or hold the the orange up trend line that would be a good sign for the bulls. A large breakout of the falling wedge will be in play, and if buy volume starts to pick up the wedge will have a genuine upside breakout with the target range around $9k. (Will take some time though)
The markets have been quiet recently lets hope we get an answer soon! Good luck trading!
-Dre
BTC is trying to push higher, and has once again briefly spiked only to fall back down 100-200 points. The orange line is an intermediate uptrend line connecting four recent bottoms, which recently got confirmed again. Buying on this line has proved profitable so far, but the fact that it was just tested twice in a short period of time may be cause for concern.
If this line is broken soon chances are we will fall to the dark blue trendline, which is the top of the large falling wedge on the 1D everyone is talking about. Watch carefully for prices to penetrate right on though, if this happens rapid selling looks likely! May fall back to 6.5 or even lower.
If prices bounce on the dark blue TL or hold the the orange up trend line that would be a good sign for the bulls. A large breakout of the falling wedge will be in play, and if buy volume starts to pick up the wedge will have a genuine upside breakout with the target range around $9k. (Will take some time though)
The markets have been quiet recently lets hope we get an answer soon! Good luck trading!
-Dre
Comment:
Somewhat of a false move as the orange TL was penetrated, but not decisively and is once again holding the TL. Volume remains low as a whole (6,200 BTC last 24hrs) on GDAX.