BTC Channel formation $7500 -> $8500
Warning: I am a total noob at this stuff... but I love analytics
Looks like we are starting to see a much improved market since the what seemed to be never ending correction. I am sure we are all watching with great intent still.
In light of that good recovery and since last night we seem to have hit some strong resistance in the $8500 mark, which is probably a good thing. We really don't need a massive rally north so quickly after a sell off frenzy. The counter to that resistance is the support line at around $7500 which on my chart here (1hr) show me the formation of a horizontal channel.
My daily pivot points show that its recently tested the primary pivot point in the negative direction and from from what I can gather this usually ends in a drop in price which I might expect at $7100 .
Personally would rather see the price stay in the channel for a while before rallying up again, but who knows right?
Feel free to correct me, or comment if you agree... All advise is welcome, as I still have my "L" plates on.
Cheers Everyone!
Dave
Looks like we are starting to see a much improved market since the what seemed to be never ending correction. I am sure we are all watching with great intent still.
In light of that good recovery and since last night we seem to have hit some strong resistance in the $8500 mark, which is probably a good thing. We really don't need a massive rally north so quickly after a sell off frenzy. The counter to that resistance is the support line at around $7500 which on my chart here (1hr) show me the formation of a horizontal channel.
My daily pivot points show that its recently tested the primary pivot point in the negative direction and from from what I can gather this usually ends in a drop in price which I might expect at $7100 .
Personally would rather see the price stay in the channel for a while before rallying up again, but who knows right?
Feel free to correct me, or comment if you agree... All advise is welcome, as I still have my "L" plates on.
Cheers Everyone!
Dave
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