Bitcoin Heavy Resistance

Jul 22, 2018

BTC has seen a well needed rally and is going through a corrective phase, sideways trading is an okay start, but the forming of the bullflag really isn't singing too much to me as it is met by way too much converging resistances including the Ichimoku cloud which has been respected many times in the passed. I feel we will have a small rally upwards, until the bears overwhelm and take us down to the next major support around the 6k-5k area where the bulls can re-evaluate get their strength back and take on the resistances 1 at a time. this will extend the moon process a bit, but overall is the healthiest for the market as the resitances are far too strong at this level

Happy Trading lads

Jul 22, 2018

Note

Forgot to mention the Stoch RSI And the RSI are cooling off, so definitely need to wait until the bulls have their momentum back!