BTC Trendline Intact
Updated
In my previous post, I made a slight error drawing a trendline a little too aggressively. As the chart shows now, a very distinguishable trendline has formed and the price is moving with a pendant. The 7000 resistance (coincides with the .5 fib for this retracement) has been tested a few times over the past week, and we are now at an inflection point where I imagine it will be broken. If we move above the 7000 zone, I would not be surprised to see a swift rally to 7400-7500.
It must be noted that the volume is weak and shows signs of bearish divergence. Ideally, I would like to see a strong uptick of volume as we break through the 7000 resistance.
It must be noted that the volume is weak and shows signs of bearish divergence. Ideally, I would like to see a strong uptick of volume as we break through the 7000 resistance.
Note
Seams to be happing faster than expected.
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