BTC moment of reckoning.........ya reckon?
Updated
BTCUSDI'm leaving this as a neutral call, because direction has yet to be determined......but we're certainly at a juncture. You can see from the snapshot that we have crossed but no close above the downtrend line. It's a line in the sand. The line connects the all time high on 12/17/18 and the more recent 5/6/18. If you watch RSI, look at a daily chart......those are the last two tops, and we've just come out of an RSI bottom. If we break out followed by volume we could see somewhere in the 8600 area, if not.........
Note
Here's a 1 minute view of that same overhead resistance so you can see the fight that's going on between the bulls and the bears of this important level. It's not really a fight.......more of gentle nudge, but it's happening nevertheless.
Trade active
if you refresh the chart that started this thread, you can see the overhead resistance was not a breakout, but kept the trend intact downward. This particular chart is in linear format......I usually watch in log.......please do some research there to see the difference. If youre a nimble trader, you could of easily taken that short. What's unfolded now in this update, is we've now gone back up to test that exact same resistance again, which in all likelihood isanother short opportunity. Or not. That's the beauty of trading. If we were all right, you certainly wouldnt be reading this tech analysis. Whats also unfolding in this update is we're also in a daily bear flag, which if broken will probably drop up right through 6000. There was no capitulation in this last bounce, so there is definitely more downside to come.
Trade closed: target reached
Overhead resistance held, the bear flag broke and we're at the low resistance just over 6000. What happens next?
Trade active
Bear flag broken......overhead resistance still intact, but I anticipate a run at it. Next stop 5300.
Trade closed: stop reached
Within the last 4 hours the upside overhead resistance was breached. I'll start a new post.
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