BTC Potential Bottom - Update
Updated
I am going to try to continue to follow this move in BTC regularly.
Here we are looking for a break over horizontal resistance ( blue ray on both charts ).
Using Bitstamp BTCUSD price this resistance is sitting around $4077.
Additionally, looking at Okcoin 3M BTCUSD futures this resistance is sitting at $3977 ( potentially already breaking ).
If we can get through this resistance, I believe 200 Day EMA ( orange line on Bitstamp BTCUSD ) should act as a magnet and we will see price action upwards of $4900 - $5000.
Interesting times.
Here we are looking for a break over horizontal resistance ( blue ray on both charts ).
Using Bitstamp BTCUSD price this resistance is sitting around $4077.
Additionally, looking at Okcoin 3M BTCUSD futures this resistance is sitting at $3977 ( potentially already breaking ).
If we can get through this resistance, I believe 200 Day EMA ( orange line on Bitstamp BTCUSD ) should act as a magnet and we will see price action upwards of $4900 - $5000.
Interesting times.
Note
Magnet is in play.Note
LOL epic down candle on the daily, welcome to Bitcoin.I'll continue to hold my original outlook from the prior post.
For now, all there is to do is look for signs of price recovery, or another test of lows.
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