BTC Nearing Completion of Downward Rotation
The island top that was left above the 2 month balance range proved to be a powerful reversal signal. BTC has traded quickly back down through the balance area.
Look for a test below the rising trendline in the next few days. We have seen 2 deep tests below this trendline in the past 2 months, but no daily close below it. A test below, followed by a daily close above, would present an excellent opportunity to place a long.
If the market does not test below this trendline in the next 2-3 days, then firmer buying support may be present, and longs should be entered with a stop loss below the trendline.
A daily close significantly below this trendline would invalidate the rangebound market state, and the market may trade lower.
Look for a test below the rising trendline in the next few days. We have seen 2 deep tests below this trendline in the past 2 months, but no daily close below it. A test below, followed by a daily close above, would present an excellent opportunity to place a long.
If the market does not test below this trendline in the next 2-3 days, then firmer buying support may be present, and longs should be entered with a stop loss below the trendline.
A daily close significantly below this trendline would invalidate the rangebound market state, and the market may trade lower.
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