Not much exciting news in Crypto Land. Some opportunities in other coins, but BTC remains quiet. After the previous Descending Wedge broke down last November there wasn’t much hope for the bulls. In December we saw the potential for a beautiful Three White Soldiers formation, but that, too, failed to play out.
Ideally, the bulls will want to see the following: A break through the first level of resistance near the pivot highs of December and February (Shelf), which may fuel a larger move through the 200-day MA and primary long-term resistance from March of 2018. From there bulls will be looking to the level near 5800.
For now I am watching a series of higher lows which have formed a new level of support (Support 1). Assuming support holds and we see price action test the Shelf, my outlook remains cautiously optimistic. We may not see the Shelf break till May or June based on the subdued volatility of BTC as of late.
Ideally, the bulls will want to see the following: A break through the first level of resistance near the pivot highs of December and February (Shelf), which may fuel a larger move through the 200-day MA and primary long-term resistance from March of 2018. From there bulls will be looking to the level near 5800.
For now I am watching a series of higher lows which have formed a new level of support (Support 1). Assuming support holds and we see price action test the Shelf, my outlook remains cautiously optimistic. We may not see the Shelf break till May or June based on the subdued volatility of BTC as of late.