Bitcoin: Trend Up
Eddie Tofpik | Aug 07, 2017 07:19
It took some time but finally over these last two days prices have punched up and foiled...or seemingly foiled for the moment at least, any opportunity for prices to drop down. Initially the market carried on sideways for the early part of July but then we had a dip sub 2000 and in doing so we took out the March-to-date uptrend which I've just kept on for illustrative purposes.
We've formed a new lower and shallower uptrend. Whilst the drop was dramatic and penetrated the two key 50% Fibs at the time (1934.28 and 1865.25) it only managed to close below one of them...and then only for one day, not the necessary two consecutive days usually required.
Prices then recovered with a major move up but were temporarily hindered by a small Key Reversal Down...which was not followed through but saw the market recover and finally culminated in the breaching of 3000 - so far with one close over.
I've finessed the Fib projections to take in the sharp drop in Jul and you can see that we've halted just short of the first major resistance ahead, the 138.2% Fib at 3365.52. This one is not key...that would be the 150% Fib at 3496.75. What we wait for now is consecutive closes over 3000 to confirm the ascent. Support is currently at 3000.00, 2940.69, 2830.02 (dynamic) and 2584.23.
Resistance is currently at 3339.91, 3365.75, 3496.75, 3627.99 and 4052.82.
Bullet point above stays the same as it would need consecutive close under 1811.97 (dynamic) to turn Neutral and 1272.91 (dynamic) to turn bearish. However, consecutive closes under 2584.23 could halt the current rally.
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