BTC/USD resting along the 100sma with fast stochastics outside of oversold readings. Tight daily action is very positive and signifies buyers stepping in and creating support in and around the 12-22-2017 lows, which was accompanied by large volume.
Scenario 1: Bounce into the 50sma - with bounce we then must evaluate action around 50sma
Scenario 2: We are developing a daily flag with another additional push lower creating a "3 push down" formation, shaking out weak hands before basing and heading higher
While price action is below the 50sma, the 50sma is running higher than the 200sma and overall upward bias is still intact. A prolonged rest period is to be expected after an incredible run. Previous post from late last year tounced on the potential move that transpired.
Scenario 1: Bounce into the 50sma - with bounce we then must evaluate action around 50sma
Scenario 2: We are developing a daily flag with another additional push lower creating a "3 push down" formation, shaking out weak hands before basing and heading higher
While price action is below the 50sma, the 50sma is running higher than the 200sma and overall upward bias is still intact. A prolonged rest period is to be expected after an incredible run. Previous post from late last year tounced on the potential move that transpired.