BTC chart review, Sept 12 @ 20:00 pst
The monthly chart has very little change since the last post. There are consecutive red heikin ashi candlesticks illustrating the bear market.
Stochastics are leveling off which is a good sign, but does not indicate a bottom.
The weekly chart has the 50 wma in blue which may provide some resistance to the upside. (When it reaches that level)
The mid to upper 6k area has been support, will it hold?
You can see that the last few rallies have not made it to the oversold area on the stochastics indicator. (Weakness)
The daily chart shows the consolidation range that it has been in for months.
The 200 dma in orange has provided resistance to the upside. It will need to break above the 200 dma and above the last high to start producing an uptrend. (Higher highs and higher lows)
BTC went up too high too fast and is just in a consolidation pattern. I've heard that many bull markets want to buck off the weak hands before resuming the uptrend. Maybe this will be the same?
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