BitcoinLong
$2760 - So you're telling me there is still a chance?
Last night I had hoped we'd break through our overhead resistance of $2760 as the far east took over the helm. However, the show of strength that I was hoping for was nowhere to be found and Bitcoin closed the last candle in anticlimactic fashion. As I've stated in previous posts, if we are unable to break through this resistance, we are in for a few more days of sideways (and possibly downward) consolidation. I am actually a fan of more consolidation here, as it will spring-load any future moves upwards and give us much more strength.
If we do consolidate, we will end up breaking through support of the bottom of our ascending triangle. Once this happens, we may rest for a few days and either bounce around between $2599 and $2760, or, we will break through our $2599 support as well and fall back down to the $2400 area.
There is also still a chance we can hammer through our overhead resistance of $2760 today. However, this probability is not very likely.
If we do consolidate, we will end up breaking through support of the bottom of our ascending triangle. Once this happens, we may rest for a few days and either bounce around between $2599 and $2760, or, we will break through our $2599 support as well and fall back down to the $2400 area.
There is also still a chance we can hammer through our overhead resistance of $2760 today. However, this probability is not very likely.
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Prophesying the price action of markets one chart at a time.
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