Taking a look at the medium term picture for the Bitcoin market market, as we saw a nice little bullish trend on the shorter time frame the last few weeks.
The MA 10 has been acting as a good indicator for the shorter term resistance, and currently price action is trading well above the moving average indicating some decent momentum. The RSI on the 1 Day candle chart confirms the bullish momentum as it is getting ready to test the 60 level.
$6500 has been a key resistance zone for me the last few months and I am looking for the break above $6500 to signal the fomo or another sell off from the bears. Volume has dried out and we can see the price range coiling tighter as the bears are running out of bags to dump on the market.
This has been a good distribution phase and I think the market is getting ready to test the ceiling that the bears built around $6500 – $7000. Should we get the eventual breakout here I would expect the volatility to go up a bit and would be careful on the margin trading.
Many traders are looking to get into to the market, however there are many traders and speculators looking to get out, lets be patient and let the market show us the way. Safe trades.
- This reply was modified 6 months, 2 weeks ago by CheesePuff.