Possible short term paths outlined on the chart using the Schiff pitchfork.
Bitcoin temporarily lost momentum as evident by creating lower highs on the 15 minute chart. Currently there's a good chance we will drop into channel D and consolidate there before making a next move.
If we break up through channel B resistance then this will show that BTC has regained strength and there will be a good chance we will break out of the pitchfork altogether to continue printing yearly highs.
Bitcoin temporarily lost momentum as evident by creating lower highs on the 15 minute chart. Currently there's a good chance we will drop into channel D and consolidate there before making a next move.
If we break up through channel B resistance then this will show that BTC has regained strength and there will be a good chance we will break out of the pitchfork altogether to continue printing yearly highs.
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Price moving into channel D as anticipated
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With volume dropping and price approaching critical channel D support level, BTC will be looking to make the next move. Bitfinex longs and shorts have more or less leveled out so smart money and institutional investors will soon be looking to liquidate long positions, meaning we can't rule out a drop. I will continue to ride this bullish wave but set my stop loss at 7,650 in case we fall out of the channel and begin a downtrend.
