BTC breakout incoming!

Hello Traders,

Today’s chart will be an update on BTC’s recent price developments on the hourly chart

Points to consider,
- Support is at the .618 Fibonacci
- Resistance is at the .50 Fibonacci
- RSI is respecting the trend line
- EMA’s acting as resistance but looks weak
- Volume below average
- Equilibrium playing out

BTC is approaching decision time on the smaller timeframe, which will dictate where the overall trend is headed. Price has respected the .618 Fibonacci multiple times, with the downwards sloping trend line proving resistance; price is forced into a smaller equilibrium. Volume is way below average and with the EMA’s giving price resistance we are bound to see a break in price. The overall trend is still quite bearish with consecutive higher lows, however we could see a potential macro higher high if price where to break bullish…

What are your thoughts?

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And remember

‘’No one strategy is correct all the time’’.- John Paulson