With the apparent bounce off of 2760 earlier today BTC appears that it might be forming a descending wedge that would have begun with the high on 2/21. To strengthen this possible bullish view, the wedge could possibly serve as the handle to the cup which formed at the beginning of the year. Price might continue to grind for the next few hours however, as while the 4 hr chart (shown) shows a possible move up, the 1 hr (not shown) has the short term stochastic heading into overbought territory. Also, the daily (not shown), shows that there could be more downward movement in the near future. Ideally, bulls, who would like to support this view, would like to see price grind along until daily momentum indicators move into oversold territory to pave the way for a push up to break the trend line formed off the all-time and early November highs (shown in blue). Price has struggled in this area the last five times it has approached this region.
On the fundamental side, pay attention to the ongoing block size debate. Any resolution providing clarity to the future of bitcoin could provide the impetus for the move up, assuming of course, the wedge continues to hold over the next couple of weeks.
On the fundamental side, pay attention to the ongoing block size debate. Any resolution providing clarity to the future of bitcoin could provide the impetus for the move up, assuming of course, the wedge continues to hold over the next couple of weeks.