BTC Update - treading water on the hourly
After an amazing parabolic move that has played out perfectly , we seem to be moving from triangle to triangle.
We are currently supported by the upper part of the ascending channel that has guided us for the last month and that is still holding . The price action keeps testing it and even dipping to 3/4 levels of the channel but returning back . The last test was about 18000 and rejected properly.
The upper portion of the triangle is a trendline that is formed by the lower highs plotted by the price action since the last attempt of a breakout.
We can establish a VAH(Value area high) at $18628 which is one of the first validations of a continuation to the upside.
When isolating the last high low with a fib retracement we can establish that the price tends to wave around the 0.3 and the 0,618 Fib.
Conclusion: The context is still very bullish, no clear signs of reversal , with a possible long if consolidated above the VAH, only scalps in between the 2 fibs, shorting is still very dangerous.
We are currently supported by the upper part of the ascending channel that has guided us for the last month and that is still holding . The price action keeps testing it and even dipping to 3/4 levels of the channel but returning back . The last test was about 18000 and rejected properly.
The upper portion of the triangle is a trendline that is formed by the lower highs plotted by the price action since the last attempt of a breakout.
We can establish a VAH(Value area high) at $18628 which is one of the first validations of a continuation to the upside.
When isolating the last high low with a fib retracement we can establish that the price tends to wave around the 0.3 and the 0,618 Fib.
Conclusion: The context is still very bullish, no clear signs of reversal , with a possible long if consolidated above the VAH, only scalps in between the 2 fibs, shorting is still very dangerous.
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