bitboi

Retest of 10.9k Possible Mid Term. Then What?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin daily shows strength closing above the .382 fib. A retest and sell off from 10.9k is likely and would confirm the descending triangle .

If the descending triangle is confirmed and then sells of, breaking horizontal line support, I would be looking for a short to 8.8k. After that, 7.5k could become new support for another swing high.

If the triangle is broken to the upside in the next few days, a retest of the 12.1k area is likely and could set us on the way to a new ATH .
Sep 06
Comment: Bitcoin failed to break the resistance at the 10.9-11k range.

A potential retest of the .382 fib is at play as RSI is not yet oversold and the MACD is still negative.

Alternatively, a retest of the overhead resistance and a break out of the descending triangle is still a possibility. The probability of a break to the upside is increased if the price continues consolidating near the top of the triangle, allowing the oscillators on lower timeframes to reset.

Daily RSI and MACD look like they could have bottomed and are starting to point up. However, this is yet to be confirmed.
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