BTC - The Road To Recovery
Diupdate
Yesterday was a good day for BTC - it seems we have double bottomed and reversed which has left us in a sideways pattern around 6400.
$6400 has always been mentioned as a major resistance level. The current pattern continues to challenge 6400 and hopefully we have the momentum to break through it before we challenge 6800 and 7200.
In the short term - low volume could keep us moving sideways. This pattern should be the beginning of a few patterns - particularly another H&S if the chart forms a head.
The only trades worth making right now are buys. We will have to wait until we make it above 6800 before we can determine if we are going to be able to break through 7200 or if we will be pushed down again before making another run.
If we see a head form - a short opportunity may present itself as a right side is carved out. For those of you who are looking to long - these are the best prices we have seen in some time.
$6400 has always been mentioned as a major resistance level. The current pattern continues to challenge 6400 and hopefully we have the momentum to break through it before we challenge 6800 and 7200.
In the short term - low volume could keep us moving sideways. This pattern should be the beginning of a few patterns - particularly another H&S if the chart forms a head.
The only trades worth making right now are buys. We will have to wait until we make it above 6800 before we can determine if we are going to be able to break through 7200 or if we will be pushed down again before making another run.
If we see a head form - a short opportunity may present itself as a right side is carved out. For those of you who are looking to long - these are the best prices we have seen in some time.
Catatan
We've broken out in the exact area I expected. The next few hours will determine whether we band along at 6800 or move up to 7200. If volume is low we will likely move sideways and form a head. It volume picks up we could easily challenge 7200 today if not break through it as well. We are definitely in a "hold" position until the pattern confirms.
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