Price broke out bullish from the range above the weekly support at 766, and had a nice consolidation on the 50 day moving average followed by another flush break above the 50 and 200 day moving average, but got rejected at daily resistance level (red line) just above 1000.
However, the bulls seems to be holding up strong after the little correction downwards on wave 2. We had a nice bounce from the weekly resistance now acting as support and we are right now consolidating just above the 200 day MA.
Below us, we have the 200 day MA at 790, the weekly horizontal support at 766, and the 50 day MA at 725, and giving us a nice amount of support.
Above us, we have the daily horizontal resistance at 1026-1050, and the weekly horizontal resistance just above 1400 area.
RSI pointing downwards and around the 45% area on the daily. Storch below 30% and about to cross bullish on the daily, while on the weekly stochastic is about to have a bearish cross.
However, looking at the set-up on all time frames, we will see that FIX is bullish, and this is further confirmed on the lower time frame (4 and 1 hour).
We may see a retest of the 200 day MA or even the weekly support level before the next leg up, and that will only give a clear entry reason, if we bounce at those levels, which ofcos I will be expecting so long as we see the volume come in.
Summary:
Support Levels => 790 (200 MA, 766 (weekly), 725 (50 MA)
Resistance Level: 1026-1500 (daily) 1400 (weekly)
Note that Bitcoin's aggressive move in coming days could alter this trade set-up.
However, the bulls seems to be holding up strong after the little correction downwards on wave 2. We had a nice bounce from the weekly resistance now acting as support and we are right now consolidating just above the 200 day MA.
Below us, we have the 200 day MA at 790, the weekly horizontal support at 766, and the 50 day MA at 725, and giving us a nice amount of support.
Above us, we have the daily horizontal resistance at 1026-1050, and the weekly horizontal resistance just above 1400 area.
RSI pointing downwards and around the 45% area on the daily. Storch below 30% and about to cross bullish on the daily, while on the weekly stochastic is about to have a bearish cross.
However, looking at the set-up on all time frames, we will see that FIX is bullish, and this is further confirmed on the lower time frame (4 and 1 hour).
We may see a retest of the 200 day MA or even the weekly support level before the next leg up, and that will only give a clear entry reason, if we bounce at those levels, which ofcos I will be expecting so long as we see the volume come in.
Summary:
Support Levels => 790 (200 MA, 766 (weekly), 725 (50 MA)
Resistance Level: 1026-1500 (daily) 1400 (weekly)
Note that Bitcoin's aggressive move in coming days could alter this trade set-up.
