Relatively tight and sideways day. We traded in a $300 range! While the daily candle is somewhat of a bearish hammer, the overall action this weekend remained bullish consolidation as we traded at the top end of the recent range while the market digests BTC at this new higher price.
-Price above 8/21/50 day MAs
-8 day now firmly above 50
-Price maintaining the upper 1/3 of the move up on Friday
-Stoch RSI close to turning negative (it has on the new daily candle)
-Price still below the 150 and 200 day MAs
The bullish complexion of the chart continues to grow.
Bullish continuation …continues in bitcoin.
As far as bullish vs bearish data points goes, they’re basically all the same. Within the next 5-7 days we should get a bullish cross of the 21/50 day MAs. This will be rather significant as we’ll have the 8/21/50 MAs in the proper order for the first time since mid-January. At that time though, the 21 day was heading south and price action was very volatile. So this upcoming cross will be the first time all three are also trending the right way since Dec 18th, the day after the top. All this is to say the chart is repairing itself. Upside resistance remains at 9200-9500 and then 10,000-10,200. Downside support is 8300-8500 and then 8000.
Bitcoin put in a nice $700 green candle yesterday! There was some follow through buying overnight that pushed price up across $9000 and now we’re seeing a little pullback from there.
-Price now above the 8/21/50 day moving averages
-8 day MA about to cross above the 50 as bullish momentum continues to grow
-Yesterday’s volume was 30% higher than the 20 day average
-Stoch RSI has turned positive again
-8/21 day still below 50 day
-First attempt at $9000 was rejected
-Topping pattern apparent in 4hr chart
Very constructive price action on higher timeframes. BTC bears continues lose ground. $9200-$9500 and then $10k-$10.2 are important levels. Down side support is strong at $8300-$8500 and again at $8000