goEricChen

goEricChen

pushed past TL resistance, but also potentially riding new day VWAP wave higher, as it did yesterday before it's break down. 12H chart MACD is turning over, potential downward trend. It's a bit of a make or break moment right here to see where candles end and technicals may take over the sideways trading.

goEricChen

Note: using BTCUSD from coinbase, not Bitstamp. Bitstamp prices are about $200 lower I would say on average at the peaks and troughs. 4h MACD divergence with higher highs in price and lower highs on MACD is currently bearish. Will be watching closely. BTC is using 20EMA as support at about $46.6k. This was the previous support that it bounced off on the way down...

goEricChen Updated 

Looking at $12,100 / $12,700 and $13,100 as resistance levels based on Fib retracement levels as well as channel resistance. If we don't break below the short term trend line, at $11,000, then expecting a little run up to the resistance levels between $12,000-12,700. Expecting this to unfold over the next 8-12 hours.