thehoplite

Support at 6.1k & Growing -Long to 7k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
There's still a lot of play left in the major wedge . Market looks like it rejects a breakout beneath 6100. We've seen price movements rapidly try to sneak past, but the buyers are at the ready to defend that level. This is without regard to the limited volume lately. I would expect this behavior to extend over the next couple days, and volume will fill in again to give us that other hump to 7k.
Volume oscillator is used here to see how much the near-term volume averages jump vs the volume held at the support levels. This will indicate 'when' the trend begins, and the RSI is at a level that would accept limited growth without being thrown beyond the bounds of over-'anything' territory.
Either way, I'm not impressed by any of this. I'm also not from the school of thought that sees bitcoin as an essential, but people like it, so I'll be around to talk about it just because I don't see it leaving the speculative space any time soon or within any number of years in the future.  

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