$BTC Possible Change of Behavior, Breakout/Failure Levels $ETH
While BTC is in a critical state as it flirts with the neckline of the massive head and shoulders on the long frame, I believe we are beginning to see a change in market behavior. Bears continually are being rejected at the neckline around about 12300 Poloniex. While the bounces are getting weaker from the lows, the range is consistently getting tighter which I usually interpret as a spring coiling up getting ready to bounce big time.
All indicators I watch (RSI, MACD, OBV, BBands) are coming into the neutral zone with volume steadily declining.
As we consolidate further and further I'm beginning to think this is healthy consolidation and the longer we stay in this consolidation pattern the more intense the breakout either way will be.
Confirmation to upside - 4 hour close above the upper most resistance trend line around about 17.5k
Failure to downside - 4 hour close under the neckline around about 12300 Poloniex.
All indicators I watch (RSI, MACD, OBV, BBands) are coming into the neutral zone with volume steadily declining.
As we consolidate further and further I'm beginning to think this is healthy consolidation and the longer we stay in this consolidation pattern the more intense the breakout either way will be.
Confirmation to upside - 4 hour close above the upper most resistance trend line around about 17.5k
Failure to downside - 4 hour close under the neckline around about 12300 Poloniex.