BTC had another nice bump today, but I still have the strong feeling that the bears are still firmly in control.
As you can see(if you look closely) by the chart, BTC is still much short of the SMA 200 (Light Blue) at the SMA 50(Yellow). Both still have a negative rate of change.
BTC will likely run into resistance at the first fib level of ~7760. If if this level is broken then next two fib targets would be ~8180 and ~8836.
I would love to see BTC start upward motion, but it just seems like the bears are too strong at the moment. Fingers crossed that this changes!
As you can see(if you look closely) by the chart, BTC is still much short of the SMA 200 (Light Blue) at the SMA 50(Yellow). Both still have a negative rate of change.
BTC will likely run into resistance at the first fib level of ~7760. If if this level is broken then next two fib targets would be ~8180 and ~8836.
I would love to see BTC start upward motion, but it just seems like the bears are too strong at the moment. Fingers crossed that this changes!