BTC failed to find the steam even with Consensus - to push up past the $8700-$8900 USD level yesterday and this morning (EST, anyways). What now for the monolith?
Previous violence at and around the 8k level - April 12-18, 2018/March 14-26, 2018 albeit a little less obviously - tells me that the next support line will be at that level. I suspect that, given the lack of price finding between $6900 and $7800 or so on the April 12 candle, the price will likely settle in somewhere around $7300 USD (just above the lower trend line) before moving back up to the same $8900 level and trying to find the heart to push to 9200 and beyond following that.
If BTC fails at the 8900 retest - say, somewhere around the middle of June, or a tad earlier - we're looking at price action falling below the lower trend line and starting a new, fairly convincing bear channel/trend. For now, I'm staying put - I need to be convinced that BTC has the juice to stay above 9k before I feel good putting any more fiat into the game. In the meantime, I have bids at $7500 USD all the way down to $6900 USD - try to get the most bang for my buck during this little dip.
Previous violence at and around the 8k level - April 12-18, 2018/March 14-26, 2018 albeit a little less obviously - tells me that the next support line will be at that level. I suspect that, given the lack of price finding between $6900 and $7800 or so on the April 12 candle, the price will likely settle in somewhere around $7300 USD (just above the lower trend line) before moving back up to the same $8900 level and trying to find the heart to push to 9200 and beyond following that.
If BTC fails at the 8900 retest - say, somewhere around the middle of June, or a tad earlier - we're looking at price action falling below the lower trend line and starting a new, fairly convincing bear channel/trend. For now, I'm staying put - I need to be convinced that BTC has the juice to stay above 9k before I feel good putting any more fiat into the game. In the meantime, I have bids at $7500 USD all the way down to $6900 USD - try to get the most bang for my buck during this little dip.