BITCOIN: BTCUSD
Bitcoin has broken out finally above 2600 but is still under the control of the original parallel coming from the low. It's now
being constrained from surging higher still on the upside by the same force.
Unless it can find power enough to break above the line it looks like a slow grind higher from here...if things stay this
way it will be 11pm Eastern tomorrow (Tuesday) when the parallel meets price at the highs at 2752. It could well end up
trading between the new parallel (only a fishing line right now, slung off the weekend spike low, but it could come into
play over the next 36 hours or so. Time will tell )
So a slow grind unless the parallel above can be
broken...doesn't have that feel though. Looks like it could well trade sideways for a while using old resistance at 2595 as
first support and 2554-2541 range as the limit to any downside from here as things currently stand. Whilst Bitcoin can hold up
in this range on any sell-offs from here - and at worst above the last parallel should 2541 fail in the near term the trend
will remain positive (spike lows/pin bars with 25 point tails are evident at every low in this move on 30 minute chart -
don't get fazed by them - they are a reassuring sight in an up-move and vice versa in downs - not always, but usually).
More BS on chart.
Bitcoin has broken out finally above 2600 but is still under the control of the original parallel coming from the low. It's now
being constrained from surging higher still on the upside by the same force.
Unless it can find power enough to break above the line it looks like a slow grind higher from here...if things stay this
way it will be 11pm Eastern tomorrow (Tuesday) when the parallel meets price at the highs at 2752. It could well end up
trading between the new parallel (only a fishing line right now, slung off the weekend spike low, but it could come into
play over the next 36 hours or so. Time will tell )
So a slow grind unless the parallel above can be
broken...doesn't have that feel though. Looks like it could well trade sideways for a while using old resistance at 2595 as
first support and 2554-2541 range as the limit to any downside from here as things currently stand. Whilst Bitcoin can hold up
in this range on any sell-offs from here - and at worst above the last parallel should 2541 fail in the near term the trend
will remain positive (spike lows/pin bars with 25 point tails are evident at every low in this move on 30 minute chart -
don't get fazed by them - they are a reassuring sight in an up-move and vice versa in downs - not always, but usually).
More BS on chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.