Although we had a slight break out of the major falling trend line, it was also riding a back test of the shorter term trend line and unable to follow through. Today it's slipping again. I'm still skeptical we are going to see more weakness in Bitcoin and that the break above the major falling trend line was false. Keep an eye on the macd below for either a neg...
Potential break above trend line taking place which would be more bullish. It isn't marching higher though which makes me a a bit skeptical yet especially as the macd is still waning. Personally taking a neutral stance until I see further price action higher confirming the break above tl. A break out and confirmed back test of the line would warrant a short term...
Bitcoin continues south after tagging major trend line resistance, sitting range bound for a short time and now breaking the recent uptrend. At this time being short is still merited until that longer term trend line/channel area gets take out. Good chance we are headed toward 6-8K again and see how the approach looks and how it gets handled.
Getting some trend line support play today after getting rejected at longer term resistance. This range of support/resistance is the new area to watch for resolution. Odds favor the bears imo, but we will see.
We hit trend line resistance around 11800, put in an inverted tail and now reversing. It's now up to the bears to follow through for another push down. If the bulls were able to take control I'd expect some kind of consolidation underneath this level after a long run. Bias is bearish for now against that trend line.
Watching to see if this completes in the next day or two at the trend line resistance for another push down. Macd is curling under the zero line so far. Move looks as if it's tiring.
Bounce off of 6K looks about complete as it approaches trend line resistance early this week. Expecting another push down and see how the move down looks as it matures.
