Obviously a lot going on with BTC these days. Seems very difficult to tell which direction it's heading but the consensus is that a big move is coming very soon. I think that atleast a test of this 6800-6900 area is coming very soon and is likely to be the decision point for the market on this attempt. Because it is such a strong HTF level, a rejection could be devastating for the bulls and send the price spiraling downward, snowballing along the way into the yearly lows. The 4h cloud as shown looks extremely bullish - all signals are saying buy including the bullish cloud, price above both TK lines, price above cloud, and lagging span above price and cloud with a bullish TK cross above cloud. Again, I think this is the immediate future - a $150-$200 move basically imminent, but it remains to be seen if BTC can break through the all- important resistence. It will still be faced with another heavy resistence above, around the low $7000 area, but plowing through the 6800 zone would valid the higher high, higher low bullish market structure and also give bulls enough confidence and momentum to likely break through that area.
Decision time is upon us, and I would expect it any moment now.
Decision time is upon us, and I would expect it any moment now.
Comment:
The bitmex and bitstamp charts don't look as clean for cloud, with the cloud turning bearish and lagging span still in price fwiw