Bit more bullish on BTC now seeing the recent down move halted around 8370 and followed by some solid bullish momentum painting a bullish daily engulfing/outside candle. It's right at multiple resistance points (again) such as the upper trend line of the pitchfork/channel, daily 20 & 50 EMAs.
The bullish price action shows a fairly strong rejection of a short lived down move that could have just been due to Mt Gox selling and SEC announcements which we've all been waiting for anyway so if anything there is less uncertainty around US regulation and 'crack downs' - which paves the way for the uptrend to resume.
Another attempt on previous resistance around the 11800 area will mean breaking the daily 20/50 EMAs and the upper trendline of the pitchfork/channel to get there. If it breaks that with an impulsive move then technically the correction could be over.
Much as I'd like to experience the kind of moves we saw at the end of 2017 that is highly irregular and unsustainable, I'd prefer to see a steady long term trend. This could be the beginning of it if we see a strong daily close above 11800 and that level flips from resistance to support. But to quote Mark Douglas - "Anything can happen...."
The bullish price action shows a fairly strong rejection of a short lived down move that could have just been due to Mt Gox selling and SEC announcements which we've all been waiting for anyway so if anything there is less uncertainty around US regulation and 'crack downs' - which paves the way for the uptrend to resume.
Another attempt on previous resistance around the 11800 area will mean breaking the daily 20/50 EMAs and the upper trendline of the pitchfork/channel to get there. If it breaks that with an impulsive move then technically the correction could be over.
Much as I'd like to experience the kind of moves we saw at the end of 2017 that is highly irregular and unsustainable, I'd prefer to see a steady long term trend. This could be the beginning of it if we see a strong daily close above 11800 and that level flips from resistance to support. But to quote Mark Douglas - "Anything can happen...."
