Here some update on BTC.
Yesterday we saw a spike up into the previous mentioned area of resistance, yellow marked. The price got rejected and fall rapidly to test the new support line. Both areas are very strong which we can see in the long wicks of profit taking and buying. We have seen positive signs for a bull move as the bull volume is way above the bear volume. But the volume overall is still very low and smart money can easily move the marked in their favor. We should be ready to se similar action as the days before where price get pushed into stop losses.
We are now moving in a triangle of indecision where the latest brake upwards has moved us above the could which should work as support now.
In the 4 hour chart we have confirmed the supposed support with a third touch. We have not made a lower low which means the elliot wave is still valid.
Comparing the longs and shorts, we can see the indecision earlier mentioned. The shorts has been gaining but the longs are still quiet stable and in favor.
As mentioned earlier there is a bear scenario in place but until we brake marked structure at the key levels i will concentrate on the possible bull move for the reasons from my earlier post.
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I hope you find this information useful in addition to your own research and analysis!
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