BTC - Consolidating for Possible Breakout
The value gap still acting as resistance. Part of me wants a stronger rejection so I can get a good DCA entry..
.. but 2/3 of retracements past 90 days were bullish, and while momentum indicates some exhaustion on lower timeframes, thats not the only factor.
The ideal scenario for bulls is a swing down to ~22.9k before rallying for another shot at penetrating the value range. Once in it, I expect some consolidation under 30k before bulls attempt to tackle that very key resistance.
The ideal scenario for bears is losing a couple levels of support (listed in earlier posts). 20.8k goal for bears, with a weekly close under that invalidating the uptrend.
.. but 2/3 of retracements past 90 days were bullish, and while momentum indicates some exhaustion on lower timeframes, thats not the only factor.
The ideal scenario for bulls is a swing down to ~22.9k before rallying for another shot at penetrating the value range. Once in it, I expect some consolidation under 30k before bulls attempt to tackle that very key resistance.
The ideal scenario for bears is losing a couple levels of support (listed in earlier posts). 20.8k goal for bears, with a weekly close under that invalidating the uptrend.
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