BTC breaking through significant SMA on the 4hr
Updated
BTC still within this Downtrend Channel in Blue dotted Trendlines.
EMA's(yellow and purple) showing uptrend signal.
BTC is making it's way back above the 200 SMA(red line) which has been a very significant indicator. It'll probably still need some testing before we can conclude how strong it will hold. Volume really isn't quite impressive which would have me worried. But if we do continue to go up we should find next resistance at S1, which is a support/resistance line, sitting at 11,100$. After that we'll have a significant resistance at R1 @ 11,500$ where we have our 0.786 fib retracement and also near our blue dotted trendline resistance.
EMA's(yellow and purple) showing uptrend signal.
BTC is making it's way back above the 200 SMA(red line) which has been a very significant indicator. It'll probably still need some testing before we can conclude how strong it will hold. Volume really isn't quite impressive which would have me worried. But if we do continue to go up we should find next resistance at S1, which is a support/resistance line, sitting at 11,100$. After that we'll have a significant resistance at R1 @ 11,500$ where we have our 0.786 fib retracement and also near our blue dotted trendline resistance.
Note
Here's another look on the Daily. We've tested S4 twice and managed to get above our EMA's(yellow purple) and our 50 SMA(green line) on the 2nd move up. Volume is still low, so it tells me to be cautious. EMA's approaching bullish crossover and we have a bullish crossover on the MACD which is signalling uptrend.
Note
We have broken through to our R1 resistance and prices have been consolidating within yellow dotted line. Break out to happen very soon and it is likely that this will be a continuation pattern.
Note
Looks like I made the wrong call and prices made a reversal instead of a continuation
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