Bitcoin price is failing to decisively break through Bollinger Band Trend lines. Too much sideways movement. Could just be a quiet weekend. If it also broke the $7,240 low on its way down I guess that would count as a fifth wave down from Feb to March double top. Nice one.
Note
I think the key for upward interest now would probably be the 20 MA because it has also cut through a Bollinger Band.Note
Price has fallen below first Bollinger trend line. Did it fall fast and far enough or does it look like a sideways break? Tricky.Note
If a sideways break then have to look at the next Bollinger trend line down. Have included another in my latest post, and I've also decided not to bother monitoring Bitcoin on a weekend anymore.Note
Just adding note from my last post for the week ahead. Have removed price channel. New low of $8,311. New retrace 50% = $8,680. Price for now couldn't hold above 20 MA. Anybody for H & S or more sideways movement. Media concerns perhaps about daily moving average crossover if you follow 50, 100, 200 MA's.... What's going to be the creature's strategy? Change of habit (or not)?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.