BTC Finding it's feet
My current thoughts on BTC is that it's trying to find a solid place of support as it showing a lot of signs of uncertainty.
On the daily time frame BTC has found support around the $6700 region and stays in that uptrend formation. I see BTC currently consolidating trying to find a solid support. The current daily bodies show weak signs of buyers and sellers which leads it to uncertainty. Another reason for this is that it's been rejected at a key resistance structure at $6850.
I'm looking at 20,50 EMA a little more short term. This still indicates that BTC is bearish and until we see BTC cross over that 20 EMA and continue then we can see the 20,50 EMA cross over which will indicate a bullish reversal.
On the shorter time frame such as the 4 hour. The 20,50 EMA are squeezing and if they cross over then we can see BTC short term bullish. Again BTC will have to break the $6850 resistance structure to see any signs of bullish momentum.
On the daily time frame BTC has found support around the $6700 region and stays in that uptrend formation. I see BTC currently consolidating trying to find a solid support. The current daily bodies show weak signs of buyers and sellers which leads it to uncertainty. Another reason for this is that it's been rejected at a key resistance structure at $6850.
I'm looking at 20,50 EMA a little more short term. This still indicates that BTC is bearish and until we see BTC cross over that 20 EMA and continue then we can see the 20,50 EMA cross over which will indicate a bullish reversal.
On the shorter time frame such as the 4 hour. The 20,50 EMA are squeezing and if they cross over then we can see BTC short term bullish. Again BTC will have to break the $6850 resistance structure to see any signs of bullish momentum.
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