On Sep 02, BTC rebounded from level 9580, respecting the uptrend line since Jun 06. From Sep 03 to Sep 06, the bulls regained price momentum towards swing level of 10860, creating higher lows and higher highs. However, notice that price respected the previous resistance since Aug 19 (level of 10860), and retraced to price level of 10300. Hence, a break of level 10860 may highly likely resume bullish price action towards 11480.
On the other hand, a break below 10230 (previous resistance turned support) could continue bearish action price back to 9800. In this case, we would like to see price consolidate above and respecting the uptrend line, signalling bullish momentum to drive price back up. Further breakdown of level 9800 could see price plunged to 9400.
Overview
Maintain neutral stance as the Daily chart is also showing a wide gap of triangle consolidation pattern.
Good trading & We will speak soon!
Leo_X
On the other hand, a break below 10230 (previous resistance turned support) could continue bearish action price back to 9800. In this case, we would like to see price consolidate above and respecting the uptrend line, signalling bullish momentum to drive price back up. Further breakdown of level 9800 could see price plunged to 9400.
Overview
Maintain neutral stance as the Daily chart is also showing a wide gap of triangle consolidation pattern.
Good trading & We will speak soon!
Leo_X