BitcoinUpdated $BTC made lower low, but needs that higher high
If this downtrend is going to reverse BTC needs to find some demand and push above the grey box, if that doesn't happen and buyers don't step in, sellers will. So as of right now the best course of action is probably to sit on the sidelines and wait. There should be some decent demand around the blue line, which also lines up with the ascending black trend line. Candles closing below the purple trend line would mean the market structure has broken and further downside is on its way.
The bull pennant on the daily still seems to be in play, but to confirm the break not only do we need to see a close above the trend line, but the volume to go with it. As you see on the 9th we broke through, but on low volume. This was a fake-out and we retraced all the way to the .618 fib.
BTC needs to find some demand and push above the grey box, if that doesn't happen and buyers don't step in, sellers will. So as of right now the best course of action is probably to sit on the sidelines and wait. There should be some decent demand around the blue line, which also lines up with the ascending black trend line. Candles closing below the purple trend line would mean the market structure has broken and further downside is on its way.The bull pennant on the daily still seems to be in play, but to confirm the break not only do we need to see a close above the trend line, but the volume to go with it. As you see on the 9th we broke through, but on low volume. This was a fake-out and we retraced all the way to the .618 fib.
Note
The intra-day pivot slapped that breakout down real fast. I'm hoping this time we find the demand to break through this low 10k supply zone and start working our way to the higher 10k range and possibly a retest of the 11k resistance.
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