Further BTC consolidation
Updated
BTCUSD (top-bottom-left-right: 4 hour, daily, hourly, weekly)
On the weekly candles we are forming a red TD 1. This could mean that we could see 1 - 4 weeks of sideways'ish/pull back movement. Weekly shows a bullish pennant forming. Daily TD @ 7, indicating we could see further price reversal in the short term, to hopefully bounce of the 50 day MA. On the 4 hour we are touching the kumo cloud, which if we enter the cloud could confirm the reversal of the daily TD and on the 1 hour chart price is about the test support on the bottom side of the kumo cloud. If we break that support, all signs point towards we will test the 14.7k level again which acted as previous resistance. I see big upside once we see upward breakout signals of that weekly pennant, but MAJOR downside (125 day MA) if we exit downwards.
The catalyst for BTC to take off is missing and the price is reflecting this. The approved ETF for BTC on the NY stock exchange is IMO not likely to act as a catalyst as they will act upon the CME/CBOE futures, this will not bring major liquidity in to the market except for some parties who want to short BTC and hedge the short by taking a long position with actual BTC. Are we waiting for Lightning network as a catalyst, or something else..?
On the weekly candles we are forming a red TD 1. This could mean that we could see 1 - 4 weeks of sideways'ish/pull back movement. Weekly shows a bullish pennant forming. Daily TD @ 7, indicating we could see further price reversal in the short term, to hopefully bounce of the 50 day MA. On the 4 hour we are touching the kumo cloud, which if we enter the cloud could confirm the reversal of the daily TD and on the 1 hour chart price is about the test support on the bottom side of the kumo cloud. If we break that support, all signs point towards we will test the 14.7k level again which acted as previous resistance. I see big upside once we see upward breakout signals of that weekly pennant, but MAJOR downside (125 day MA) if we exit downwards.
The catalyst for BTC to take off is missing and the price is reflecting this. The approved ETF for BTC on the NY stock exchange is IMO not likely to act as a catalyst as they will act upon the CME/CBOE futures, this will not bring major liquidity in to the market except for some parties who want to short BTC and hedge the short by taking a long position with actual BTC. Are we waiting for Lightning network as a catalyst, or something else..?
Note
We hit the 125 day MA spot on!
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