What is BTC doing now?
After a definitive move above resistance, Bitcoin is currently retracing most likely back to the support line (the white line.) The next few days will be very interesting since we have a few events to keep an eye on.
1) The 50MA is looking to crossover the 200MA which could be a very big boost to bitcoin's current uptrend, then there is another major event in the works that could propel BTC to the upper levels.
2) We have to wait and see if BTC retraces all the way to the support line. Be sure to set your buy order and have a good risk management strategy in place.
POINTS OF CONCERN
We are still under a 50/200MA death cross on the 1 day chart. Lastly, the 3-day chart concerns me a little, let's not get into it for now but let's put a pin on this chart and keep an eye on it.
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THE TREND: Neutral/Sideways
THE OUTLOOK: Potential golden cross around the 18th
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