Here we have BTC/USD on the 1H chart.
BTC/USD appears to be ready for an up move. Bitcoin has been trading sideways for a while. Recently there has been signs of a reversal at the horizontal at around 12480.
There is 2 side-wards resistance levels that are currently in control of price action. There is the long term side-wards resistance line at 12760, and a smaller channel resistance at 13600. Price needs to break both of these resistances to break out of this downward spiral.
It appears BTC/USD is in a technical downtrend, but with a possibility of a bounce back soon. Price is showing a number of retests on horizontal support at 12530. Price ideally needs to pick up momentum soon in order to keep the uptrend alive.
If price successfully breaks and closes above the sidewards resistance line at 13600, I am expecting an upside move to to target of 14600.
I will be updating this analysis and providing a realtime buying signal if this gets 40 likes.
Definitely one to keep an eye on. :)
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