The SEC brought some relief to the markets with the “good news”, some other nice news include Bittrex trading with actual US Dollars. This brings some hope that the Tether situation will not blow up in Cryptoland faces. Lets take a look at what the market has been up to.
Taking a step back to the 1 Day candle charts to get a Eagle eye view of the price action this year. We have a beautiful confirmed descending triangle with a lovely divergence, made clear for us by the MACD indicator.
Many of the serious Bulls gave their thoughts on the markets above $7000, and with the SEC news out this is basically discounted Bitcoin. Of course nobody can predict the markets and I am very interested to see how the price action treats us going into the weekend.
As you can see on the chart the triangle is getting ready to show us a final outcome as the prices get coiled tighter again with the Bulls and the Bears battling it out, for now. As most of our community know by now I don’t trade the fundamentals, but I do believe it is always good to stay mindful, separating FUD and Fiction from the real news.
In the past the SEC news has been major turning points in the market, lets be patient and see what the Big BTC will do!
Longer term speaking I think the market is looking very healthy, for those that bought above $7000 I would relax and try not to over trade. One thing I am curiously looking out for is what the little crypto’s will do when Bitcoin starts flexing its muscles again.
Support – $6000 – $6500 (We can see good price action in this zone)
Resistance – $7000 – $7100
We can expect prices to start moving up quicker should we consolidate above $7200.
Safe trades, feel free to come visit us on Discord to talk trading!