A recent coindesk article has gotten a lot of attention in regards to this bullish cross over that could be taking place soon on the daily charts between the 50/100. Although this is great to see I wouldn't get too excited. If 2015 is any lesson expect these moving averages to play criss cross for months to come. This isn't bullish or bearish it just signals another confirmation that we are in consolidation mode and that the Dec 15th bottom could be it.
Near term supports and resistances:
Supports: 23.6% to 38.2% ($3,435-$3625) should act as solid support with the 200 Week MA sitting around $3,400.
Resistances: 61.8% - 100% ($3,925-$4,400) acting as stiff near term resistance. Until BTC breaks above these levels the daily P-SAR looks negative.
The weekly charts continue to look positive from a candle and momentum perspective with positive candle over candle closes and stochastic signaling buy's. Also RSI on the monthly shows a consolidation/double bounce happening off the 2015 lows.
One thing we know for sure is that BTC doesn't move sideways forever so we'll continue to keep a close on the markets.
Regards,
Bobby
Near term supports and resistances:
Supports: 23.6% to 38.2% ($3,435-$3625) should act as solid support with the 200 Week MA sitting around $3,400.
Resistances: 61.8% - 100% ($3,925-$4,400) acting as stiff near term resistance. Until BTC breaks above these levels the daily P-SAR looks negative.
The weekly charts continue to look positive from a candle and momentum perspective with positive candle over candle closes and stochastic signaling buy's. Also RSI on the monthly shows a consolidation/double bounce happening off the 2015 lows.
One thing we know for sure is that BTC doesn't move sideways forever so we'll continue to keep a close on the markets.
Regards,
Bobby