Volume has picked up, but every spike in buy volume seems to be exceeded by a spike in sell volume. It seems that we can't fully confirm wave 3 until we break over $12,000. We should expect heavy resistance in this area if we are able to make it there. In the micro-term, we should be looking for a slight price drop as RSI levels correct.
If we are unable to break 12,000, we may see a continuation of wave 2 to levels previously expected near 8200. Confirmation would occur upon breaking below 9,200.
News of Goldman Sachs backed Circle purchasing Poloniex could have A) caused a dead cat bounce or B) brought confidence into the market ending wave 2 short and beginning wave 3.
As always: wait for confirmation!
Charts and comments are opinions of the author and not financial advice.
If we are unable to break 12,000, we may see a continuation of wave 2 to levels previously expected near 8200. Confirmation would occur upon breaking below 9,200.
News of Goldman Sachs backed Circle purchasing Poloniex could have A) caused a dead cat bounce or B) brought confidence into the market ending wave 2 short and beginning wave 3.
As always: wait for confirmation!
Charts and comments are opinions of the author and not financial advice.