On the Daily we can see an ascending wedge with 8300 as resistance. A double top has formed and also a bearish inside bar which would otherwise indicate a bearish market, but prices have been consolidating between 8200 and 7500. So far bears have not been able to successfully bring BTC down below 7k even after 2 very strong attempts. The bulls have been on the winning side but are bulls losing steam? EMA and MA are still signalling upward momentum as the 12EMA held support since 5k, but we can see a Bearish Divergence on the RSI along with an impending Bearish Macd crossover(which has yet to happen). But if we look at history in 2017(snapshot below). Within 12 Days we can see that BTC has ignored the Bearish RSI Divergence before heading on it's way to 20k after breaking out of its 8.4k as resistance at the time. So watch for the breakout above 8.4k or a breakout below 7.5k.
Note
An update on BTC! Looks like BTC might be making a HL on our Daily Chart. BTC is making a bounce off the 12 EMA(Yellow Line) which is a great sign for bulls. As long as BTC remains above the 12EMA then we are still bullish here. BTC price is still within our Inside Bar support that's at 7500. Therefore I believe that 7500 is a significant support indeed and that we'll be trading within the ranges of 7500-8200. If we do break below 7500, I believe that BTC will drop to test the 26EMA which is sitting just above 6900. Below that and we could fall back into the rising channel created from April to May. A break above our resistance at 8300, and we could see price go up to our 10,000 mark, which in the past has been a significant resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.