Most indications seem to support a 50% retrace E2E #Bitcoin $BTC
Updated
The following indications seem to support a move to the upside similar to what we have recently seen in ETH:
Inversely the volume seems to be tapering. I do not expect the volume to remain low through Monday however, with the current wedge likely to be breached as well as a scheduled 7-hour shutdown at Bitfinex there is likely to be much larger price action that we have seen in the last several days, all of this will undoubtedly bring higher trading volume over the next 48 hours. Recently Bitcoin found a bottom on low volume and the volume picked up once a move higher was initiated, we may see this once again in the coming week.
- The MTF momentum strategy
- Cloud resistance was broken on the 12-hour chart following Tenkan/Kijun cross
- RSI finding support again on the uptrend line as the fast line crosses above the slow line
Inversely the volume seems to be tapering. I do not expect the volume to remain low through Monday however, with the current wedge likely to be breached as well as a scheduled 7-hour shutdown at Bitfinex there is likely to be much larger price action that we have seen in the last several days, all of this will undoubtedly bring higher trading volume over the next 48 hours. Recently Bitcoin found a bottom on low volume and the volume picked up once a move higher was initiated, we may see this once again in the coming week.
Note
If BTCUSD breaks to the downside I expect it to find support at $3300 but ultimately to move all the way down to $2740 before finally putting a bottom in for this bear market.
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