Bitcoin is posting mixed signals on the chart, as the battle between the bulls and the bears rages on. After creating a huge head and shoulders pattern, and losing the critical 50 and 200 period exponential moving averages, BTC morphed into an inverse head and shoulders, regained the moving averages, and is currently breaking out to the upside of the symmetrical triangle that it's been trading in. We can also see that there has been a spike in buy-side volume, which adds conviction to the breakout. Also, the MACD has broken above the zero line, which is typically a short term buy signal. The tides appear to be turing, in favor of the bulls. However, we still need to see higher highs, and a sustained rally. A dip back below the 50 EMA and the 200 EMA, would signal a failed breakout. On the upside, the next major overhead resistance is near $16,500.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-