Bitcoin and the Grind
Updated
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Note
As you can see, we have now been rejected by the old rising wedge resistance line 6 times. No strength as of yet to break through it.Some positive however, we did not break down below the 9k region with any conviction and for now we have also avoided the 20/50EMA negative cross which in the past has caused some serious issues for Bitcoins price.
We are now back above the Daily 20 and 50EMA which are both positive, as long as they provide support of course should we come back down to them. The MACD has also crossed to the positive side as well.
- What do I want to see
Close a 4hour candle above the old rising wedge resistance and then I would fully expect a run at the ATH resistance line.
Negatives. For the moment there isn't too too much. That doesn't mean we couldn't be heading back down soon but for now I don't see it and the charts aren't showing me that as it stands.
Technically we also don't have to break through the rising wedge blue resistance, we could just grind sideways until we come into contact with the ATH resistance line (purple). Then break through that.
The ATH resistance line is currently sitting at 9600 region. What do I think will happen?
Head says we grind sideways between the 9k range and the ATH resistance line for a good while yet. Maybe months, annoying the fuck out of the bulls and bears alike until eventually breaking up with the force of a thousand blue balls.
Heart says the break up comes within a week... As my abusive gym teacher would say, head is best.
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