BTC Continuation
Good morning all,
BTC seems to be in a state of continuation. At this point, it is hard to consider that we have broken out of the downtrend as BTC keeps failing at $8299. Last week we saw a couple pumps, but nothing significant enough to consider BTC to be trending upward.
With that being said we have a new week on our hands. The daily chart is showing a bull flag, which would be considered valid until BTC breaks 7940. Momentum needs to pick up again for bulls to have a chance at completing this reversal.
Until then give respect to the major trend, and identify major supports and resistances as BTC may continue sideways.
BTC seems to be in a state of continuation. At this point, it is hard to consider that we have broken out of the downtrend as BTC keeps failing at $8299. Last week we saw a couple pumps, but nothing significant enough to consider BTC to be trending upward.
With that being said we have a new week on our hands. The daily chart is showing a bull flag, which would be considered valid until BTC breaks 7940. Momentum needs to pick up again for bulls to have a chance at completing this reversal.
Until then give respect to the major trend, and identify major supports and resistances as BTC may continue sideways.
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