Forecast change, more consolidation

7 Jul 2016

I was looking to go long on a break of resistance expecting it to begin before the weekend. No long setup materialized Wednesday. Instead of progressing upward prior to the -chart- timing elements and the perceived -fundamental- timing element of The Halvening this bar I woke up to this morning changes the forecast. It look as if we are in for more consolidation rather than a break of the last short term high around 700. This consolidation could continue for another week. I would be looking for price to break either 700 or 626 to determine sentiment.