Bitcoin (BTC) Barely Holds Above Resistance

Diupdate

We really need to see the bulls close this daily candle green and above the broken pennant resistance (in red) if we're going to see any continued upwards momentum. This is my first Bitcoin chart since we broke out of the falling wedge pattern, as I suggested was likely to happen a few weeks ago since we broke out of some major resistances I was looking at. Unfortunately though, we have still failed to print a higher high. The fact that the enormous dump from yesterday hasn't had much follow through in terms of price and volume is a good thing, but we need to show continued buying here.

I will flip bearish if we have another impulse downwards and break below the 50EMA.

This is not financial advice. Just for future reference and educational purposes only. This is my last chart for the day. Just felt like posting a bunch. Will update if anything major changes.

-Victor Cobra

Catatan

We can expect bears to try to close this daily candle below the resistance. They just have a little time left. Let's see what happens.

Catatan

If momentum is indeed up, we can expect continued buying throughout the week. When the trend has changed, price can increase slowly because there are a lot of sellers still left, but they've been slowly outnumbered by buyers. Each attempt to push the market down will be met with a reaction that causes natural growth. On the way up there WILL be many quick selloffs, but price will slowly rise and surpass the recent high. As long as we continue to make higher lows, the trend is up. FOR NOW.

Catatan

We closed the daily candle green, which is a good sign for bulls. Odds just decreased that the dump will have follow through, but you never know for sure with this market. Let's see if we get some further buying, or if the bears will take advantage again.

Catatan

Not really any movement on this daily candle so far, and price is supported by a huge buy wall. Either no one wants to buy at these prices, or a whale is using the wall to manipulate prices so they can keep it stable while they accumulate (or sell). More often than not, buy walls are bearish indicators. Volume is decreasing as well, so we should expect a big move soon.

Catatan

Still hugging the line, with very little action and decreasing volume. Not much to say until this breaks one way or another. Alts are bleeding a little bit, so perhaps another move down is in order...though the trend has been up recently. If we break 3850 with conviction, we will likely bart up. If we break below 3700, things won't look good at all, and we'll probably AT LEAST revisit 3500.

Catatan

Catatan

Actually, 3860 would be the level to break, not 3850 : )

Catatan

Looking at the daily chart, it would be the IDEAL scenario for the bulls to continue building support in this area, as it would increase the likelihood that we'll break out from the long term resistance (in pink).

Catatan

Massive fakeout move - likely planned, to hunt stops and liquidate shorts that were ready to open on a break below the trendline. We're not back above it, and forming a beautiful bullish hammer. If the daily closes above the red trendline, get ready for a possible test of the descending resistance (in pink). This dump was also fueled by people expecting a bigger drop on ETH, in anticipation of tomorrow's fork. This further dump did not happen, which further validates my recent bullish view (especially on ETH). We will need to see continued buying here to hold us above for the next 40 minutes until the daily close.

Catatan

now* not not :)

Catatan

Still no buyers at or above 3800, even though we closed above the resistance. Not many new longs have opened up, and shorts are starting to increase. Actually may be a sign that we could drop back down - this time for real. I guess we'll see. Where are the buyers?

Catatan

Oops, wrong chart:

Catatan

VictorCobra

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