BTC - FINALLY out of the range but not out of the woods!!!!
BTC has finally broken out of that range we were stuck in for 2 weeks and has moved rather quickly to the 50%FIB, which coincides with supply zone. Bullish sentiment seems to have returned to the market as almost all altcoins together with BTC have surged over the past 24H but Bitcoin has hit its first test since the range break. We need to get above this area for a continued move to $6900-$7100.
This doesn't mean we are bearish but both RSI and MACD need to reset a little before we could see a move higher, which could see BTC drop to the 38.2%FIB level or most likely retest the breakout level around $6550. That does not mean we can break through here and continue going but if you are on the sidelines right now, this wouldn't be the best R:R entering a long trade. Always better to buy support and sell resistance. Let's see what happens in the next few hours!
Thanks guys!
This doesn't mean we are bearish but both RSI and MACD need to reset a little before we could see a move higher, which could see BTC drop to the 38.2%FIB level or most likely retest the breakout level around $6550. That does not mean we can break through here and continue going but if you are on the sidelines right now, this wouldn't be the best R:R entering a long trade. Always better to buy support and sell resistance. Let's see what happens in the next few hours!
Thanks guys!