Bitcoin is doing some strange things of late. Many have spoken about it, and here is my technical take...
The last couple of weeks saw BTCUSD taper off volatility significantly. the the last three weeks, an indication from the price action is that the weekly charts contain a lot of upper tails on low volatility candles. So, simply, taking the suggestion that there is some selling pressure just below 20,400.
The technical indicators, however, appear slightly bullish admittedly.
So, in short, a box is drawn and a break out or break down would be telling of the next (explosive) direction.
IF it breaks down (am personally seeing that it is more inclined to happen), and the last support of the June low at 17,592 breaks, then watch out for 10-11K BTCUSD.
Wait for it...
The last couple of weeks saw BTCUSD taper off volatility significantly. the the last three weeks, an indication from the price action is that the weekly charts contain a lot of upper tails on low volatility candles. So, simply, taking the suggestion that there is some selling pressure just below 20,400.
The technical indicators, however, appear slightly bullish admittedly.
So, in short, a box is drawn and a break out or break down would be telling of the next (explosive) direction.
IF it breaks down (am personally seeing that it is more inclined to happen), and the last support of the June low at 17,592 breaks, then watch out for 10-11K BTCUSD.
Wait for it...
