BTC Critical Juncture
Ichimoku conversion above base line = Good
MA 50 above MA200 = Good
We are right at the critical resistance of a lower high descending trendline; with BTC consolidating and triangulating upwards towards this wedge for weeks now.
We will either break this line and shoot up towards the 12K region or there will be a sell off back to the 8K region for more consolidation before testing and eventually breaking this line in the coming months.
I think there may be a greater probability we will break and go up considering the good looks of the MA and Ichimoku; but this would be where to put in positions for both short and longs with a stop loss in either direction.
MA 50 above MA200 = Good
We are right at the critical resistance of a lower high descending trendline; with BTC consolidating and triangulating upwards towards this wedge for weeks now.
We will either break this line and shoot up towards the 12K region or there will be a sell off back to the 8K region for more consolidation before testing and eventually breaking this line in the coming months.
I think there may be a greater probability we will break and go up considering the good looks of the MA and Ichimoku; but this would be where to put in positions for both short and longs with a stop loss in either direction.
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