BitcoinLong
Consolidation coming to an end. Long.
With 5H essentially neutral (STOCH = 52.525, STOCHRSI = 45.918, Highs/Lows = 0) but still inside the 1D Channel Down (RSI = 33.939, MACD = -484.800, BBP = -676.6720), there is nothing further to incorporate to the previos analysis. The 2 session sideways trading projection on that is over, so we should see some divergence starting from today (most likely to 7,286.70 - 7,417.90 this week). The projected Rectangle of the 1H consolidation was a little lower than what we initially projected but is still taking place. What's more important is to see how the Lower Resistance (blue dotted line) is pushing the price lower. The last 1W candle closed at -13.51%, the fifth bearish out of the last six, and according to weekly candle regressions it is more likely to see a green one next. The 1D Channel Down hasn't even attempted a Lower High but we see how strong the 6,000 - 6,432.4 1W support zone is. Break out points (short entries) as previously mentioned.
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