Going on a trip in our favorite rocket ship! Pt. II
Hello everyone!
Continuing where Pt 1 of our analysis left off, BTC has continued in our upward channel despite some sell offs! We have managed to climb up the channel and into the 1 hour cloud and subsequently breakout of the cloud (bullish). Post breaking out of the cloud we've entered a "dead man" zone. This zone is the area between the cloud and the red resistance zone from $7550. As we can see the last hour candle attempted to push into the resistance zone but was rejected and pushed back (bearish). We managed to close green but the long wick shows the bears are still present. Since we're in the upper half of our regression channel there is a strong possibility of returning to the mean down the middle and or breaking towards the lower half.
Since I'm a fan of slow and steady, I'd like to see BTC pull back to the lower half of the channel and then climbing higher, squeezing the "dead man" zone. Returning price to the mean or below is a positive sign and relieves some of the pressure off of the bulls to push price higher as it allows sideline buyers an opportunity to come in. However, since this is a troublesome zone failure to break could mean a long drop to our support zones or support lines. Since consolidation has continued for multiple days now I'm confident that tomorrow we'll see a strong release of this low volatility, and as of now the signs are point upwards.
Leave a comment if you agree or think otherwise. Let's start a discussion!
twitter.com/cryptojuliet
Continuing where Pt 1 of our analysis left off, BTC has continued in our upward channel despite some sell offs! We have managed to climb up the channel and into the 1 hour cloud and subsequently breakout of the cloud (bullish). Post breaking out of the cloud we've entered a "dead man" zone. This zone is the area between the cloud and the red resistance zone from $7550. As we can see the last hour candle attempted to push into the resistance zone but was rejected and pushed back (bearish). We managed to close green but the long wick shows the bears are still present. Since we're in the upper half of our regression channel there is a strong possibility of returning to the mean down the middle and or breaking towards the lower half.
Since I'm a fan of slow and steady, I'd like to see BTC pull back to the lower half of the channel and then climbing higher, squeezing the "dead man" zone. Returning price to the mean or below is a positive sign and relieves some of the pressure off of the bulls to push price higher as it allows sideline buyers an opportunity to come in. However, since this is a troublesome zone failure to break could mean a long drop to our support zones or support lines. Since consolidation has continued for multiple days now I'm confident that tomorrow we'll see a strong release of this low volatility, and as of now the signs are point upwards.
Leave a comment if you agree or think otherwise. Let's start a discussion!
twitter.com/cryptojuliet
Now we wait.