Bitcoin: Trend?
Eddie Tofpik | Sep 05, 2018 07:15
Bullish Hammer Pattern. This ties in with the decline started the week before I last wrote my commentary and which carried on for the first portion of August.
We then halted as we did back in June, this time a little ahead of the 5783 support and reversed back up. This was fine for most of August...however; we're now approaching the first of three decent resistances, the Medium MA (currently 7524). This is further backed up by the very recent 50% Fib at 7865 and the more important Long MA (currently 8471).
We also have the May-to-date Downtrend (currently 7757) though I'm not sure of the depth of its support. Nevertheless, as it sits in amongst all the other resistances it would be reasonable to see it as being significant. As I wrote last time:
Going forward, the upside is easy...consecutive closes over the Long MA. The downside has some support from an old Reverse H+S staring at 6830 and layering down to 5783 before we have some old significant support at 5567, 5375 and 5087 before hitting some big stuff in the form of the 2017-to -date Uptrend (currently 5297).
Much as last month, with all these resistances and no clear direction from the MAs (Long is up whilst Medium is poining down), I'll keep the bullet point above Neutral...after all, we're only about 150.00 away from when I last wrote a review.
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