Although not great support from the technical indicators to suggest move upwards, the previous structure suggest oversold conditions and a potential move back up to the higher Support / Resistance. Watch for false breaks TP just under 200SMA. There is a chance the indicators are correct and the market moves lower first before the breakout.
200 EMA adding to the psychological resistance...
4h BB along with 100 and 50 EMA adding support.
The pennant is getting tight, indicators suggest a breakout to the down side.
Will we first see the shorts get taken out? Anyones guess...
Support levels and trend lines beginning to merge.
Volume is weak, and the bears are feeling confident.
A close above 6800...
As we edge ever closer to the up tend line, we cant but wonder if it will be strong enough to support the weight of the mighty bitcoin.
BTC has pierced the " Daily Close" uptrend line, but still has 18hrs left to close above that important support level.
We might see the wick dip down a bit further to touch the lowest low trend line.
The danger here is that if...
On the 6hr its not as convincing, however even a downward breakout could result in a bounce to the top trendline.
If it consolidates further, it will be squeezed into the pennant, and that will almost definitely result in a breakout.
In 2-4 hours we should know the result of this boxing match.
Im guessing a win here for BTC might even excite the bulls enough to push up towards 12k, before possibly retesting that 11k zone and deciding if its now happy with the 11-12k trading zone.
Failure to break this resistance level may deflate the bulls, and give the bears a chance to drag it back down to...
Btc respecting short term trend line, but for how long?
MacD suggest short term bearish move, RSI suggests short term bearish move.
EMA's might pull the bulls up along the short term trendline, but the 11.3k price range keeps sucking it back in.
However, the lower, blue, long term trend line also hinting toward a short term bear move from here.
Be interesting to...
With the month we've had, most likely a break to the downside...
...a bit more accumulation, and consolidation and then the slow wounded up trend thanks to the futures stabilizing effect..?
Or maybe, just maybe....
Some good media, a whale accidentally clicks buy, pigs fly, and we see a breakout to the 13k trading range?
TA seems to support upside, but TA has...
MacD thinks bulls could push this into a historically popular price range...
RSI thinks the bears will keep it below the 13000 resistance line ?
Possibly range bound between 38.2 and 61.8 fib levels before deciding on either up or down.
FIB levels are lining up with old support and resistance.
ETH unlikely to fall through this Fib support level... Bulls may even keep it above the cloud on the way back up.
If the bears push it through this 61.8 level, it may get trapped below the cloud and caught in-between the 2 support levels before hopefully moving back up.
In both cases ETH is a strong enough coin to recover to one day test its ATH's
Price correction complete, consolidation into a pennant.
Lots of FOMO buyers still hanging on to positions opened in the last bull run.
If they sell off as soon as they go green, could stop any major breakout.