BTC Daily Analysis: $3500 on Sight
On the 11th December, yesterday, BTC re-tested the yellow box or the high levels of $3287 as we anticipated. Every time BTC has seen this level, there is a high level wick to the upper levels of $3400. Nouvive sees this going as far as $3537.
What do the charts show us?
- The level chosen is the supply zone usually to fill shorts, but also the level found is a volume gap that has historically been filled.
- At time of charting, BTC is up by 1.27% – Asian Markets and London Open refusing to see the upper levels of $3200 again, Nouvive intelligence points this as historically a Green London open paves the way for during the day that can see a green day – even for Altcoins.
- Buy side support has heavily been in favour during the early morning hours, matched by increasing volume and increasing 45 minute on 45 minute Market sentiment in favour of a successful Bitcoin bounce.
- Accumulation according to the OBV has been increasing since 8pm GMT on the 11th December.
- BTC needs to fill $3347, if it goes down to fill this level, it is anticipated that it will also bounce off the bottom of the trend line at $3311.5.
- A break of the trend line at $3311.5, would see Bitcoin go back into the Yellow supply/accumulation box again.
Nouvive Says: Bitcoin looks increasingly likely to break the upper trend line and visit $3537 – it is more than likely to be a single wick to refuel shorts.
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