BTCUSD to 3600 and beyond para BITFINEX:BTCUSD de clydeuscope

BTCUSD to 3600 and beyond

So my previous H&S idea was rejected and that's good because Bitcoin could most likely reach higher highs from now on.
Segwit has activated and that led to the buying demand that occurred today.

But first, we have to pass through the supply zone above 2,500.

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Last 3 candlesticks don't bode well for me. We need to watch out for price action at the current hour.

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BTC is on the move!

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Strong demand in the last 4 candlesticks

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RSI looks pretty cool. Moving back to RSI support

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We have 2 paths here.

1. Go to 3,600 which is possible since RSI is itching to be overbought
2. If BTC couldn't break the supply zone above 3,400 then it could retrace back to the uptrend support before another move up.

Once up, 3,600 is the resistance. As to where it will go after it reaches that point, who knows? But I'd rather rely on price action. Watch on how price reacts at 3,600.

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Looks like we're going for path 2. Uptrend slope is broken.

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If it breaks the resistance (yellow dotted line), then we could retest 2,400 and above.

If it breaks below the support line (orange line), then we could go lower. Most likely, it it could revisit the area with the long wicks.

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Inverted head & shoulders? It's usually a bullish sign when that pattern forms. But we shall see.

Let's test the area between 2,400 - 2,500 first before confirming this pattern.

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we're staying quite nicely near the top of the supply zone. Sell wall at 2,500 is 390 BTC which is huge but as long we stay a bit longer at the current zone then we can eat this wall up.

clydeuscope

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