Update on Consolidation
Hey Guys I found that the Coinbase Chart looks quite a bit different than the Bitfinex chart, It's giving me a clearer picture of this consolidation.
This pattern has a nice decline in volume signifying a potential break if volume is there. We want to see how much buying comes into this trendline if we break it. I drew in some fake volume bars to show what we would want to see.
Stoch:10, 15, 30 need to come back down, or they can also remain high in overbought zone on an impulse, no problem.
1 hr and 2 hr are in oversold and will help sustain some movement, if there is movement.
Looks like some buying has started. I will continue to add updates as I see changes in price action, subscribe to get those to you fast.
This pattern has a nice decline in volume signifying a potential break if volume is there. We want to see how much buying comes into this trendline if we break it. I drew in some fake volume bars to show what we would want to see.
Stoch:10, 15, 30 need to come back down, or they can also remain high in overbought zone on an impulse, no problem.
1 hr and 2 hr are in oversold and will help sustain some movement, if there is movement.
Looks like some buying has started. I will continue to add updates as I see changes in price action, subscribe to get those to you fast.
Nota
Bulls got pushed back by the bears, but they are not selling in a panic, but appear to be accumulating as they let price push down, holding these levels at 8250 area is importantNota
Okay, here comes the follow through attempt. bear volume turned green on push back. good for bulls.Nota
8270 is the breakout resistance close and wick is at 8275. must surpass these levels.Nota
^ Above levels for Bmex chartNota
Levels surpassed, now we watch the followthroughNota
Bmex is already moving, but Gdax and Bitfinex are lagging behind in the breakout. Typically, Bmex leads but we will see follow through needs to pick up some steam, but they're doing good so far. Some of the breakouts recently have been like this, much like 7/24 7810 level.Nota
Gdax and Bitfinex are starting to pick up the buying. bmex, holdingNota
Bmex breaking up to lead market exchanges possiblyNota
Other exchanges followingNota
8300 (current levels) minor resistance. next resistance is the highs of the consolidation at 8475Nota
Bulls seem comfortable accumulating as the bears push back, this is important. Gotta run, no more updates for a bit. Good Luck
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