BTC Trying to gain momentum
BTC broke down after failing to reclaim that 7400 area when we look at the hourly chart. It was a nice rising wedge break. 6750 area is holding as the current support range. On the Daily timeframe, the 50-day sma&ema is above resistance 7200's. Up over 7k with a wider run to 7600/7800 will be a battleground for bulls & bears. A daily close around $7300 (or hourly)in that $7200-ish range of reclaiming those moving averages would help bulls to go test the next upward resistance area of the smaller upward channel. BTC is curling with some volume pushing it above 7k, but more momentum will be needed. Short a break of 6800/6850 down to 6450-6500 as another potential support. Long with a break over 7300 for a few hundred points up. 8k range around the 200-day ema/sma and fib retrace might be an area to consolidate if bulls can break out of the downtrend before/or after testing 9500(ish) range.
Neutral on this. Play your breakouts.
Neutral on this. Play your breakouts.
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