Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
We are seeing consolidation around the 200 DMA (red curved line). Good solid volume on relatively small price movement yesterday is consistent with a local bottom.
A post-Bakkt relief rally remains a strong possibility. Expect resistance from the bottom of the triangle if we head back up.
I will be watching to see if we can consistently inch upwards from here on very light volume. This would set up a debart to high $9ks.
Alternatively, if we stall or drift lower and sit directly on the 200DMA like a hen on eggs, then we risk breaking those eggs and heading down sharply further.
Daily
Close up of 200DMA. We need to be gently climbing away. It is rising so going sideways isnt quite good enough. I want to see us staying above $8420, not drifting down into the $8300s.
A post-Bakkt relief rally remains a strong possibility. Expect resistance from the bottom of the triangle if we head back up.
I will be watching to see if we can consistently inch upwards from here on very light volume. This would set up a debart to high $9ks.
Alternatively, if we stall or drift lower and sit directly on the 200DMA like a hen on eggs, then we risk breaking those eggs and heading down sharply further.
Daily
Close up of 200DMA. We need to be gently climbing away. It is rising so going sideways isnt quite good enough. I want to see us staying above $8420, not drifting down into the $8300s.