BTC is currently consolidating in a symmetrical triangle between ~$8800 and ~$9500. It had a good run and needed a breather. The bullcase is still valid. RSI is trading at 60 and is still showing strength and momentum. The CMF is positive and shows that there is some buying (accumulation) here and that there is momentum upwards. Both the RSI and CMF is ranging between the two horizontal lines. A break of either of these lines will show us where we're heading in the short-term at least. We're trading above the 50DMA, and it is starting to curve upwards. Furthermore, we're still trading below the 200DMA which is located at around 10.000 and is acting as heavy resistance.
The downward trendline from late January is still hanging just over our head, and has prooved to be resistance. The arrows are potential paths this can go.
I post this mostly for my own ammusement.
The downward trendline from late January is still hanging just over our head, and has prooved to be resistance. The arrows are potential paths this can go.
I post this mostly for my own ammusement.