BTC has reached it's longterm downtrend upper parralel. As you can see this zone has marked 2 tops before. Will we see another correction now?
On the other hand if we break out from this range. There will be a sizable move up, since we'd brake the last heavy downtrend resistance.
Stocks are exactly at the same position right now, whereas the dollar is trying to bounce from it's support and the Euro is having trouble breaking it's resistance even GOLD has dropped perfectly after touching it's longterm median line. Every instrument is at historic support or resistance right now.
Normally i'd expect a correction from the stock market, and an upleg from the dollar. Which would mean a correction for BTC should also happen.
On the other hand if we break out from this range. There will be a sizable move up, since we'd brake the last heavy downtrend resistance.
Stocks are exactly at the same position right now, whereas the dollar is trying to bounce from it's support and the Euro is having trouble breaking it's resistance even GOLD has dropped perfectly after touching it's longterm median line. Every instrument is at historic support or resistance right now.
Normally i'd expect a correction from the stock market, and an upleg from the dollar. Which would mean a correction for BTC should also happen.
