We are at a very key point for the current BTC direction long term in my opinion! Currently we have pulled back to the 38.2 % retracement level (1) on the previous bull run from 5.8k (3) to 11.8k (4). The bullish scenario is to break through the 23.6 (2) retracement level either today or tomorrow and head towards a retest of 11.8k and likely beyond! The neutral scenario is rejecting off this 10.4k level and seting up a equilibrium pattern or daily inside bar before the next break out. The bear scenario is we reject off the 6hr 26,12 EMAs on GDAX and or break the the 1 hr EMAs bearish and head towards 8800 (the 50% fib retracement level).
I personally am leaning bullish because of the golden cross (longer time frame passing the shorter time frame ema) of the 1 hr EMAs overnight and decreasing bear volume over the past day. Personally, I think further downside of btc at these levels would really discourage new money and investors from coming into this space. I also desperately want to see us bust our of the weekly downtrend channel, so I am definitely biased. Here’s hoping all us bulls make money for the rest of this week!
I personally am leaning bullish because of the golden cross (longer time frame passing the shorter time frame ema) of the 1 hr EMAs overnight and decreasing bear volume over the past day. Personally, I think further downside of btc at these levels would really discourage new money and investors from coming into this space. I also desperately want to see us bust our of the weekly downtrend channel, so I am definitely biased. Here’s hoping all us bulls make money for the rest of this week!
(6) Declining Bear Volume