BITCOIN PRIMED FOR A RETEST OF $6800 RESISTANCE
Bitcoin pretty mush following my previous analysis. After having a successful bounce @ $6150 and a breakout of the wedge formation, price looks to be consolidating into a bull flag at the $6400-$6500 area on the 4 hour, in preparation for another leg up for a retest of the $6800 resistance.
Daily— thumbs up to the Bulls for being able to hold their daily higher lows at $6150 as opposed to the previous lows of $5950 and $5775 respectively. Having successfully moved above $6450, and now challenging the $6500 horizontal resistance, i expect momentum to pick and finally break this resistance level for a retest of the downtrend line resistance at $6800-$7000 area, before heading downwards again for a possible retest of previous lows.
4 HOUR— Similar price action seen here as price successfully made a second higher low and presently consolidating after challenging a confluence of resistance— 0.618 fib retracement level and the $6500 horizontal resistance.
Stoch seems to be way up and over extended above the 80% region, so i expect a sideways movement (consolidation) in price at this point to cool off stoch thus leading to a bull flag formation and an eventual breakout of the bull flag for a possible retest of the downtrendline resisitance at the 0.382 fib level before another move downwards.
Overal, i remain bearish and i dont see any chance of price moving above $6800-$7000 and possibly begin a bull market, as the volume and the demand is not there for now.
Morever, most of the purchases are OTC transactions for now. so i do not expect to see an uprecedented surge in volume for now, except there is a strong fundamentals to spur up a bullish momentum.
Bitcoin pretty mush following my previous analysis. After having a successful bounce @ $6150 and a breakout of the wedge formation, price looks to be consolidating into a bull flag at the $6400-$6500 area on the 4 hour, in preparation for another leg up for a retest of the $6800 resistance.
Daily— thumbs up to the Bulls for being able to hold their daily higher lows at $6150 as opposed to the previous lows of $5950 and $5775 respectively. Having successfully moved above $6450, and now challenging the $6500 horizontal resistance, i expect momentum to pick and finally break this resistance level for a retest of the downtrend line resistance at $6800-$7000 area, before heading downwards again for a possible retest of previous lows.
4 HOUR— Similar price action seen here as price successfully made a second higher low and presently consolidating after challenging a confluence of resistance— 0.618 fib retracement level and the $6500 horizontal resistance.
Stoch seems to be way up and over extended above the 80% region, so i expect a sideways movement (consolidation) in price at this point to cool off stoch thus leading to a bull flag formation and an eventual breakout of the bull flag for a possible retest of the downtrendline resisitance at the 0.382 fib level before another move downwards.
Overal, i remain bearish and i dont see any chance of price moving above $6800-$7000 and possibly begin a bull market, as the volume and the demand is not there for now.
Morever, most of the purchases are OTC transactions for now. so i do not expect to see an uprecedented surge in volume for now, except there is a strong fundamentals to spur up a bullish momentum.
