Bitcoin price action has certainly been interesting the past week. After seeing price rally to an obvious resistance point and bounce off we saw a higher low created and then another run at the 8,300 area resistance only to back off again.
Gearing up or breaking down?
That's the question right now. After failing to break the 8,300 area again price did not pull back much and is showing some green the past 24 hours.
Honestly we are floating in the middle right now with a 50/50 chance or going up or down.
Upside - price pushes higher from here and breaches 8,300 on a closing basis. This setups the possibility of of move to the 9,800 area.
Downside - Price moves lower and breaches that most recent low of 7200 and tests 6800.
Either way on a long-term point of view none of these are actually bad scenarios. When you look at the weekly chart of BTC a more involved pullback would be fine on a technical basis.
The rest of the week should be interesting...
After selling off last Friday down to $7k only to rebound back to $8k, I'm encouraged we are consolidating (w/a possible pull back) before the next move higher.
The daily chart has me saying yes, the weekly chart has me saying no ;-)
Agree. This weekend will be pretty important, but I think we could be in the process of forming a pennant - a nice bullish consolidation pattern.
Great perspective. Thanks again.
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