Current resistance sits at $6704 and support rests around $6589.
There's lower supports that could see us down $6317, and $6134, but with the recent series of higher lows, I'm leaning toward some continued upward movement to the $6900 region before a return to the $6700's or $6800's.
From there I'd expect to see progressive incline to complete this inverse head...
I think it's likely BTC 0.86% will re-enter the cloud by (Aussie) morning.
Seems pinched in a pennant
signaling continuation of a trend.
The past five hours went to the bulls
but the twelve hours prior were in the hands (claws?) of the bears
pushing consecutive lower lows and lower highs.
relevant to the pennant
may mean a furthering...
BTCUSD - 4H (Long)
Still long on the 4 hourly.
Maintaining bullish strength
continuing above the cloud.
Holding positions maintained.
Riding into the danger zone
would see price entering the cloud
and threatening to cross below.
Looking for support along the top
to continue the momentum of the bulls.
Money's on the table.
Trending toward the bottom of the cloud
need to establish support in consolidation.
A break below would see us lose altitude
with our sights skyward
waiting for another air pocket
to push us back into the clouds cushioning.
Time passed will be fine
to coast in conservation of energy
until we see space behind us
and then we can try another rise
Bitcoin USD 4 Hour
I thought we'd broken the descending triangle but I'm not so convinced.
The 4 hourly shows potential to re-enter the pointy end.
If so, we'll probably see a dip back down to the mid-to-high 6 thousands,
before a bounce and convincing 10k leap to the high 16k's.
This period of consolidation is a good chance to put that fiat where it counts.
Bitcoin testing the major downtrend resistance for the fourth time now.
Let's see how significant the magical fourth test proves to be.
Strapping on my seatbelt for lift-off.
After this run down, I'm looking to see Bitcoin stabilize over the next several hours before returning to the upside.
Plan is to average in along the consolidation channel and trade the break.
See how we go.