Critical Resistance: $7,685.20
Key Resistance: $7,000.00
Key Support: $6,245.00
Critical Support: $5,755.00
Consolidation is key again this week.
The Average Directional Index (ADX), which measures trend momentum, is slipping lower signaling a neutral trend for the week.
Looking closer at the historical ADX line, the last couple times the 61.8% Fibonacci retracement level was being tested the bears were in complete command of trend and selling interest came on strong to keep the bearish trend in play.
Late March of this year was tapping on the door of the 61.8% Fibonacci resistance level around $9000 and held. Early June had the same picture where $7900 held resistance. Well, price is back at another 61.8% resistance level around $6900, and again the bulls do not have enough momentum to push through, but the bears do not have strength either. Could this be the inflection point we need?
Wait for internal momentum to build for the bulls, and also for price to break resistance, then we should be off to the races. Otherwise, open a cold one and sit back and watch for more downside opportunity.
more info at Cryptomarket360!
Key Resistance: $7,000.00
Key Support: $6,245.00
Critical Support: $5,755.00
Consolidation is key again this week.
The Average Directional Index (ADX), which measures trend momentum, is slipping lower signaling a neutral trend for the week.
Looking closer at the historical ADX line, the last couple times the 61.8% Fibonacci retracement level was being tested the bears were in complete command of trend and selling interest came on strong to keep the bearish trend in play.
Late March of this year was tapping on the door of the 61.8% Fibonacci resistance level around $9000 and held. Early June had the same picture where $7900 held resistance. Well, price is back at another 61.8% resistance level around $6900, and again the bulls do not have enough momentum to push through, but the bears do not have strength either. Could this be the inflection point we need?
Wait for internal momentum to build for the bulls, and also for price to break resistance, then we should be off to the races. Otherwise, open a cold one and sit back and watch for more downside opportunity.
more info at Cryptomarket360!