As the current BTC sentiments are seems to be bullish in the market given BTC has broken few important resistance on the way up last month. I am still forming a bearish case on weekly charts. The current BTC movement has been stopped by 50WMA as expected. Have a close look at the 30WMA its just kissing 50WMA and looks like bulls are out of fuel. The second reason...
I can see the inverse head and shoulder forming on daily BTC chart. I stand to be corrected but this is what it is, the neck like is at ~6800 area, but mind you there is good resistance at ~6400. Given we are not seeing any volume this just looks like a retest of previous support which pushed BTC to ~6800 area earlier this month.
Do you see whats happening here? ~7840 support was so crucial, now we are next support level, I feel some consolidation will bring us back to retest ~7800 level but I don't think it will break that, also look at where 50MA is exactly where resistance is formed, this makes solid case for bare market, we cannot assess bullishness unless we break ~7800 level.
If I have to compare and copy BTC pattern of 2014, this is how it would look like. It is very much repeating 2014 pattern so far, I am feeling it is going to something similar for months to come. We will see how it goes.
So what do you think is happening here? I think a flag is forming on 3days BTC chart as we can clearly see, prices bounced at 6K level twice but if BTC breaks ~7600 level we are seeing BTC going down to 3500-4900 area to find strong support. I would go short if BTC breaks ~7600
BCH made reversal at around ~600 dollar range on 5th April, and steadily moved up close to ~1571 USD levels today(24/04) which is close to 161% up movement in three weeks. I feel BCH will take rest here for a while. Given BTC has started moving up, and we have seen when BTC moves up, all alts bleed.