Bitcoin - The Current Picture
As you can see we failed multiple times to breakthrough the old rising wedge support turned resistance line. We then formed a tight sym triangle before having our recent break up.
Once again of course we're being rejected by the ATH resistance line. This shouldn't come as a surprise to anyone at this point. Would imagine that should we close the daily below the 9450 region, then we'll be heading back down to try and find support on the daily 20EMA - the 9300 area as of today.
To the upside if we close a daily I would love to see a Daily close above 9800 and then have the next daily tick higher, that happens i'd be very confident of a push to 10k and then the final big push to 10,500. Which at the moment, is the biggest hurdle Bitcoin has.
I personally don't think we'll be breaking up at the moment though. Can see us coiling up over the coming weeks long into August until we either break up or down. The break up certainly is the more likely but and it's a big but, the economic situation coupled with the likelihood of a strong second wave of the Coronavirus could quite easily give us another crash back down.
Once again of course we're being rejected by the ATH resistance line. This shouldn't come as a surprise to anyone at this point. Would imagine that should we close the daily below the 9450 region, then we'll be heading back down to try and find support on the daily 20EMA - the 9300 area as of today.
To the upside if we close a daily I would love to see a Daily close above 9800 and then have the next daily tick higher, that happens i'd be very confident of a push to 10k and then the final big push to 10,500. Which at the moment, is the biggest hurdle Bitcoin has.
I personally don't think we'll be breaking up at the moment though. Can see us coiling up over the coming weeks long into August until we either break up or down. The break up certainly is the more likely but and it's a big but, the economic situation coupled with the likelihood of a strong second wave of the Coronavirus could quite easily give us another crash back down.
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