If you followed my earlier analysis
BTCUSD to 13000 and then down to 8500?, you will have seen that we planned for the possibility of a
13K reversal but we haven't got to the potential bottom yet.
BTC has been in a bullish structure for the past week, posting higher lows and breaking through a diagonal down trend resistance on the 27th. An attempt to break 112K was convulsively rejected but support was found at the $11-$11.2 level.
The question now is whether we are entering a consolidation phase to give the spring for the next impulse up to break the 112K mark or we break down. To buy back my short and potentially go long on my trading coins, I would like to see it attempt to break and reject the lower green diagonal support (around 10.8k). Breaking down through that reopens the 7k target
On the upside I see two areas of potential resistance, an opportunity to take profit or be aware of reversals. Around13K is the most likely for a reversal as it will meet the the diagonal down trend resistance formed from the 20k and 17k highs; 1 day 50EMA and 0.382 Fib of the 17k bear run.
Looking at the 1 day RSI , unlike the previous corrections in the last two years, we have not yet closed below 30. I am therefore still of the belief that we need to see 7k-8k to create the spring for a new bullish impulse up to new highs and ultimately 50k.
BTCUSD to 13000 and then down to 8500?, you will have seen that we planned for the possibility of a
13K reversal but we haven't got to the potential bottom yet. BTC has been in a bullish structure for the past week, posting higher lows and breaking through a diagonal down trend resistance on the 27th. An attempt to break 112K was convulsively rejected but support was found at the $11-$11.2 level.
The question now is whether we are entering a consolidation phase to give the spring for the next impulse up to break the 112K mark or we break down. To buy back my short and potentially go long on my trading coins, I would like to see it attempt to break and reject the lower green diagonal support (around 10.8k). Breaking down through that reopens the 7k target
On the upside I see two areas of potential resistance, an opportunity to take profit or be aware of reversals. Around
13K is the most likely for a reversal as it will meet the the diagonal down trend resistance formed from the 20k and 17k highs; 1 day 50EMA and 0.382 Fib of the 17k bear run. Looking at the 1 day RSI , unlike the previous corrections in the last two years, we have not yet closed below 30. I am therefore still of the belief that we need to see 7k-8k to create the spring for a new bullish impulse up to new highs and ultimately 50k.
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