BITCOIN: Trend Up
Eddie Tofpik | May 01, 2017 10:46
Last time, I moved the bullish bullet point above down a notch with a question mark because as I wrote at the time:
'We've stabilised this past week but despite the Bullish Andrews and Schiff Pitchforks I've drawn, unless we see prices consecutively well in excess of 1140.09 then there is a likelihood we may see further attempts lower...possibly testing the 907.98 level and the Medium MA again.'
We did just that as prices rose over 1140.09...tried to come back down and literally bounced up off that level before moving higher still and testing most recently the all-time high.
All MAs are pointing higher and we are travelling along just underneath the line of the Centre Time of the Bullish AP (currently 1375.86) which leads me to change the bullet point above back into full Bullish...so why my hint of doubt? Well, it is because of the action over the last few days...we've had Indecisive Doji Crosses over the last two session on the Daily Chart above plus we've not yet broken the previous all-time high at 1350.55 whilst being ever so close and more importantly is the failure to close consecutively over the 1334.82 level. As you are aware, I've projected support/resistance lines into the future because we've never been this high before and 1334.82 is a very key 150% Fib of the main action of Jan that started this whole move higher...this is the most concern for the bullet point above compared to all other previously mentioned levels.
Failure to close consecutively over this level very, very soon jeopardises the whole bullish action and possible suggests a Bearish Double Top Pattern. We are far away from that at this moment but it is worthy of mention. It would not negate the rise, only consecutive closes under the 50% Fib at 1119.83 could do that and full Bearishness may only come in if we have consecutive closes below the Medium MA (currently 977.01) and especially below the Long MA (currently 789.59).
Currently resistance is at 1334.82, 1350.55, 1375.86 (dynamic), 1380.78, 1453.75(dynamic) and 1526.43 - 1529.56. Current support is at 1298.00, 1288.86, 1260.00, 1252.32, 1229.00, 1207.49, 1199.00(dynamic), 1174.23, 1150.00 & 1140.09. Finally, I draw your attention to the 212ts & 29th of MAT. We have Tine Crossovers on those dates which usually means those dates & nearby ones may see a possible change or reinforcement of trend or just a very volatile day.
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