Bitcoin Futures - New Support
Bitcoin futures will become clear very quickly moving forward. There are three possibilities, one more likely than the others. The key spot to look at is where support intersects with the short and long term resistance lines.
1) If the price stays above these intersections, you can expect extremely bullish behavior over the coming months and possibly further.
2) If the price drops below these intersections, you can expect the price to continue down the long term resistance line.
3) If the price falls in between the long term and short term resistance lines, you can expect a decent along the short term resistance line.
To my belief, it is far more likely that BTC will remain above these intersection points providing a promising future. This is due to the recent momentum created by the long run resistance breakthrough. Additionally, the short run moving average appears to be approaching an intersection breaking through the long run moving average.
Finally, this movement will also predict futures for cryptocurrencies across the board.
1) If the price stays above these intersections, you can expect extremely bullish behavior over the coming months and possibly further.
2) If the price drops below these intersections, you can expect the price to continue down the long term resistance line.
3) If the price falls in between the long term and short term resistance lines, you can expect a decent along the short term resistance line.
To my belief, it is far more likely that BTC will remain above these intersection points providing a promising future. This is due to the recent momentum created by the long run resistance breakthrough. Additionally, the short run moving average appears to be approaching an intersection breaking through the long run moving average.
Finally, this movement will also predict futures for cryptocurrencies across the board.
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