BITCOIN NEEDS TO MAKE A DECISION RELATIVLY SOONI have outlined to potential situation son the graph here.
1) you can see we have been held up by this lower uptraining zone of support for a few months now. It looks like we are currently finding support at it yet again.
2) Im very cautious of this green uptrending zone as we have tested it many many times over the past few months. The more you test support/resistance the higher the likelihood you will break it.
3) If we break bearish from this uptrending zone our next stop will likely be in the range of 28-32k, down where the lower green box is.
4) We have rejected from the 200 daily moving average back into support.
5) as of right now we are technically in an uptrend on bitcoin, setting higher highs and lows, however the volatility isn't enough for the price action to make a decision. The pattern bitcoin is forming on the daily is typically a bearish continuation pattern in most markets but as we have seen in the past bitcoin will sometimes break bullish out of bearish patterns like this, reasons unbeknown to me.
6) If we do break the red zone of resistance above us, as well as the previous high we just set, we could very well see a move to the 52k region.
7) This is not financial advice and always do your own research before entering the market.
