BTC/USD Update - Hold The Consolidation Zone

coinsholar (31)in #steempress • 6 years ago (edited)

Daily

We see another sizable red candle being formed on the daily chart and we have pierced into the consolidation zone. This would be the perfect time to do a bit of sideways action, let alts run for a few days, and then have BTC run up to a higher high. The first task after a few days of sideways trading would be to penetrate the cloud upward at about $7900 USD and regain ground in the $8000's. After that, a run at the previous high around $8500 where we will surely meet some resistance.

Stoch is well-oversold with RSI decreasing under 50. Some sideways trading may bring that RSI down further to allow for more room for bullish movements should they come into play.

4 Hour

Here we saw some support atop the consolidation zone which I had hoped would continue, but clearly the bears had a different idea. The zone got violently punctured by the large red candle that is currently being printed. We need to stay within this zone for several candles to let Stoch reset. This should also give some health to altcoins for a few days. We also have the bottom of this fat Kumo cloud as additional support. Should that break, look to $6800 USD for support and more blood in the street.