BTC Breakout or another Fakeout - This is the day we find out
Bitcoin has been volatile and without clear direction since falling from its local high of 13800~. Anyone who has paid attention lately is aware that BTC has formed a steady upward-trending support, and has been rising throughout the last week on low, but steadily increasing, daily volume.
The bulls might have pierced this channel briefly, but they failed to hold it for a whole day.
Now, according to the above chart, our current trending support will intersect with the resistance that has kept BTC subdued for over a month. This will give traders no choice but to send the price up, where it will challenge this year’s high and perhaps go further, or back down, dragging on this period of consolidation for a few more weeks at least.
These trends intersect on August 10, although we could possibly discover the direction sooner. Others have made the following point, and I believe it will hold water: if we close above 12K on August 10, that’s a green light for a new rally.
My take: this week resembles the setup for a bullish breakout more so than a fake out. Consider the following:
1: Volume is subdued, but rising gradually.
2: The MACD on the 1D chart has flipped green recently, historically a sign that the correction is over.
3: The daily gains recently have been very consistent, apart from the recent pullback from above 12k. That’s normal when BTC moves up while fighting strong resistance.
Tell me what you think, if you disagree, or if you think i’m an imbecile below.
The bulls might have pierced this channel briefly, but they failed to hold it for a whole day.
Now, according to the above chart, our current trending support will intersect with the resistance that has kept BTC subdued for over a month. This will give traders no choice but to send the price up, where it will challenge this year’s high and perhaps go further, or back down, dragging on this period of consolidation for a few more weeks at least.
These trends intersect on August 10, although we could possibly discover the direction sooner. Others have made the following point, and I believe it will hold water: if we close above 12K on August 10, that’s a green light for a new rally.
My take: this week resembles the setup for a bullish breakout more so than a fake out. Consider the following:
1: Volume is subdued, but rising gradually.
2: The MACD on the 1D chart has flipped green recently, historically a sign that the correction is over.
3: The daily gains recently have been very consistent, apart from the recent pullback from above 12k. That’s normal when BTC moves up while fighting strong resistance.
Tell me what you think, if you disagree, or if you think i’m an imbecile below.
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