Bitcoin: Trend Up?
Eddie Tofpik | Jul 03, 2017 06:56
I emphasised last time how the 5 and 6 of June could be important because of the Pitchfork Tine Crossovers about to happen. They did prove to be important with an attempt on those dates higher that formed the second highest peak for BTCUSD ever.
The rise was not capitalised upon but it did set the scene for the attempt higher and absolute high of the market soon thereafter. We've since retreated and seemingly going a little sideways, possibly coming to a cusp soon, as we have lower highs and higher lows. The move below the newly formed 50% Fib at 2550.13 is concerning if you are bullish as is the further attempt again below the May - June 50% Fib at 2415.08. The active remnants of pitchforks still valid, notably the middle and lower tine of the May - June move (currently 2821.03 and 2365.83 respectively) have both been tested, and the lower tine has come off better so far.
I'd be curious as to whether that or the late June-to-date downtrend (currently 2512.83) comes off stronger in the next few days because, as I've mentioned, we seem to be coming to a cusp. It will take quite some time yet to turn the bullet point above into neutral with all the MAs pointing higher. However, the close by testing of bullish tines and testing/closing below important Fibs does give me cause enough to place a question mark on the bullet point above.
Support is currently 2415.08, 2365.83, 2291.00 - 2281.95, 2180.88, 2128.15 and 1995.70 (dynamic).
Resistance is currently at 2512.83 (dynamic), 2550.13, 2593.00, 2651.40, 2821.03 (dynamic) and 2978.27.
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