BTC Daily Analysis: Cool down before leg up?
Bitcoin has jumped up by more than 10% over the past few days. Following several green days, it appears to be slowing down ever so slightly before it seeks to make yet another pivotal decision.
What do the charts say?
- The mere fact that BTC wants to cool down should not be seen as bearish, rather bullish as this traditionally happens following a burst of green momentum.
- Traditionally the area for a cooling off period before a further leg up is between 0.786 and 0.616; BTC has a volume gap to fill just below the 0.786 level at $3632.
- It is noted that historically when BTC breaches the lower levels such as XX32, it will test the level below it, possibly seeing BTC hit $3584 where the current 15 MA.
- The 15MA is one of the most important Moving Averages as Nouvive Intelligence shows us; using historical data to illustrate that BTC always ‘finds a way to meet the 15ma’.
- A break of $3782 – the local top would illustrate that we will see $3887 then $4072.
- Unlikely that BTC will go lower than the 0.5 fibonnaci level, this would illustrate to the market as we lead into Christmas that gains have slowed and so has momentum.
- A break of $3462 would illustrate we are going back to $3156.
Nouvive Says: Today is a pivotal day for BTC, it can decide to cool off before moving up today, or it can continue to make momental bursts through historical levels.
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