Bitcoin 4 hour update and longer term outlook for next 5 days
Bitcoin is in a Rising channel after dropping.
This can be easily called a BEAR FLAG and it needs to be paid attention to for a number of reasons.
The line of support that held PA up in May is now close overhead resistance and we are climbing towards an apex around 11 June.
PA always reacts before APEX
I would expect this to happen from the 8th June but could obviously happen before.
I can see PA dropping to around 102K, on the POC ( red dotts ) off the VRVP
We will have to see what happens form there but there is a strong line of support just below this.
The 4 hour MACD is currently being rejected from Neutral back down into oversold.
The Daily MACD is continuing to fall Bearish and will reach neutral bu the weekend, the 7th
This could be the beginning of a longer term Bearish move and could end up back in the mid 95K before it finishes over the next 8 weeks
HOWEVER, PA does have the ability to turn the tables on the newly woken Bears
We will have to take this a step at a time right now.
But as emtioned in apost earlier today, I do expect us to NOT move to much higher in the near future but more to range once again, maybe for up to 8 - 10 Weeks
We shall see and watching the Dominance chars right now is a VERY good idea
