BTC/USD - Update
So far Bitcoin is moving nicely but is nearing important areas for determining the direction in the short term. If this is the beginning of an impulse for our next leg up, there is no reason for us to go back below $18,150.
Alternatively, if we see rejection here at $18,700 - $19,000, this still fits inside of the sub-structure for continuation down to my lower target at $16,500.
8 hour momentum is currently testing the range that we are watching. It is critical to hold 45 as a support in order to continue up for our next leg.
There is still room for momentum on the daily chart to continue down to my lower target. In the event that we do see expansion to the downside, it is critical that momentum avoids closing below 45 in order to preserve the Macro Trend.
Alternatively, if we see rejection here at $18,700 - $19,000, this still fits inside of the sub-structure for continuation down to my lower target at $16,500.
8 hour momentum is currently testing the range that we are watching. It is critical to hold 45 as a support in order to continue up for our next leg.
There is still room for momentum on the daily chart to continue down to my lower target. In the event that we do see expansion to the downside, it is critical that momentum avoids closing below 45 in order to preserve the Macro Trend.
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