BTC - The start of a rally or another bust?
Updated
BTC managed to find that double bottom higher low on the 30 min. chart. Similar to the bounce on the 24th, this bullish move has some volume behind it as well. So far, it is holding the 20 and 0 moving averages on the 30 min. time frame.
On the 60 min. chart, you can see that the 200 moving average and 50 moving average are now sitting at about a 50% retracement of this recent 600 point rally at just over 6100. Consolidation would be best here at the 6350 area, but a pull back to that 6125 level is possible without disrupting any chances at keeping this bounce alive.
A breach of 6050 that sticks would not be positive.
Bitcoin needs to start putting in some higher lows and highs on the daily chart if it wants to reach 7200. Otherwise, this is just another one of many disappointments for the BTC bulls.
Note
oops.. it should read '' 20 and 50 moving averages for the 30 min. chart'', not 30 moving average.
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