Bitcoin Technical Analysis
Lets get straight into it, im going to look at Bitcoin on the 4 hour chart and list some things i have noticed which may or may not be common knowledge by now.
May 5th seen Btc reach 10,000 USD ( point A ) for a brief period, This was another big profit taking point for many who got in around $6500 in the previous dip.
Due to the inability to breach the psychological barrier of 10K it dropped, then at point D tried to cross the 100 day moving average but was rejected.
Take note of point B on the chart where BTC found support at the .50 Fibonacci level which also coincides with previous resistance at B2.
The current situation at C is in my opinion a fight to cross the next fib line and establish a candle above it. It looks like a flag formation at C and if a bull run was to occur i would guess a run up to test the 100 day moving average line and the fib which is very close to that at around 9200.
As we know, Consensus 2018 is currently underway and this has been the catalyst for decent gains across the board, but remember it is unwise to base past performance as an indicator of future performance.
Thank you and if you have any questions or requests please feel free to ask.
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