Bitcoin Current Situation
Well overnight we've had another rejection of the breakdown support now turned resistance line, along with another rejection of the daily 50EMA - that makes 3.
Damn good chance now that Bitcoin will resume to the downside. Was hoping that overnight we'd crack back up through and into the 9350 area but alas it was not to be.
Not saying of course that we can't still do it, it's just that in my experience once you've broken out of a pattern like that, had 2 attempts to reverse it and get back into it..the next move is more downside to resume the breakdown.
- Numbers to watch
Break above 9240 and we're just back in the pattern and above 50EMA. Would expect a push to 9350 for a test of that key level.
Fall under 8933 and it's highly likely we'd retest the low of 8830. Don't fancy that to hold so realistically fall under 8933 and it's reasonable for Bitcoin to fall down to test the Daily 200EMA at 8550ish.
A nice big BGD would be the order of the day right now.
Damn good chance now that Bitcoin will resume to the downside. Was hoping that overnight we'd crack back up through and into the 9350 area but alas it was not to be.
Not saying of course that we can't still do it, it's just that in my experience once you've broken out of a pattern like that, had 2 attempts to reverse it and get back into it..the next move is more downside to resume the breakdown.
- Numbers to watch
Break above 9240 and we're just back in the pattern and above 50EMA. Would expect a push to 9350 for a test of that key level.
Fall under 8933 and it's highly likely we'd retest the low of 8830. Don't fancy that to hold so realistically fall under 8933 and it's reasonable for Bitcoin to fall down to test the Daily 200EMA at 8550ish.
A nice big BGD would be the order of the day right now.
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