$BTC/USD - #bitcoin consolidation or bear trend?
BTC/USD has sought impressive volatility in the past few days.
We are now established in a downtrend in a channel, Fibonacci channel lines can help us to see the bouncing points and resitance/support levels.
At the moment the price is sitting between the 0.5 and 0.382 retracement.
Indicators show an interesting story:
1. PPO has pointed bullish
2. RSI bounced off the initial uptrend line
3. CCI bounced off the initial uptrend line
4. MACD has crossed bullish - confirmation from histogram would further validate the bullish trend.
In light of the situation an initial bounce to 10,000 is likely with strong resistance at this level.
Further upside to 10,590 can be seen if we have a solid break of the 10,000 resistance level.
The whole picture short term still look pretty healty with a well needed consolidation period. The longer we stay at this level (10,000/9,000) the stronger support we build for further downside in case of a correction from higher.
Volume has decreased significantly has per any consolidation period without a severe price decline.
At the moment everything seems healthy. Further analysis will be needed as the situation progresses.
This is usually a very good time for the alts to recover and for the start o several bull runs. If you follow me you will see more analysis on several alts produced in the following hours.
Trade safe.
We are now established in a downtrend in a channel, Fibonacci channel lines can help us to see the bouncing points and resitance/support levels.
At the moment the price is sitting between the 0.5 and 0.382 retracement.
Indicators show an interesting story:
1. PPO has pointed bullish
2. RSI bounced off the initial uptrend line
3. CCI bounced off the initial uptrend line
4. MACD has crossed bullish - confirmation from histogram would further validate the bullish trend.
In light of the situation an initial bounce to 10,000 is likely with strong resistance at this level.
Further upside to 10,590 can be seen if we have a solid break of the 10,000 resistance level.
The whole picture short term still look pretty healty with a well needed consolidation period. The longer we stay at this level (10,000/9,000) the stronger support we build for further downside in case of a correction from higher.
Volume has decreased significantly has per any consolidation period without a severe price decline.
At the moment everything seems healthy. Further analysis will be needed as the situation progresses.
This is usually a very good time for the alts to recover and for the start o several bull runs. If you follow me you will see more analysis on several alts produced in the following hours.
Trade safe.
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