Subject to pullback right now that Iam observing it, how much is the speculative hard bit to call really but I will post up my chart so you can see the lines in the sand as Ive drawn them anyhow.
Nothing complicated as I dont believe in a chart without clarity for likely giving me much predictive confidence. So we've lost 2 day average for the moment which is very fast momentum measure but lately thats been the spirit of BTC. Then the top line here is the upper edge of the bullish channel and again we challenge this and below in a mirror of that I'd call the lower trend as probable range for today. So target downside for now is below 17k which maybe disappoints some but 16.5k is reasonable pullback for the progress upwards to continue. Also weekly average is about 16.5k and similarly I consider that more vital to positive phase in BTC continuing.
Nothing complicated as I dont believe in a chart without clarity for likely giving me much predictive confidence. So we've lost 2 day average for the moment which is very fast momentum measure but lately thats been the spirit of BTC. Then the top line here is the upper edge of the bullish channel and again we challenge this and below in a mirror of that I'd call the lower trend as probable range for today. So target downside for now is below 17k which maybe disappoints some but 16.5k is reasonable pullback for the progress upwards to continue. Also weekly average is about 16.5k and similarly I consider that more vital to positive phase in BTC continuing.
I also arrived to similar conclusions about a short-term pull-back, somewhere between $16.6-17K in summary to maintain bullish momentum, based on a parallel channel of support. Failing this, I find $14-15K to be increasingly likely (-15-25%). But first bears would need to break the support trend-line before gaining any hope of a deeper correction.