Pullbacks from 50-62% retracement resistance beginning to bottom
BTC’s long-term profile remains positive
Despite BTC’s volatile swings through 2018 into 2020, the longer-term chart profile remains positive with BTC in narrowing consolidation above its long-term uptrend. Granted, a series of lower highs (12/2018, 06/2019, 2019, 02/2020) remains in place and break below BTC’s 2015-2018 uptrend (7.7-8K) would be an obvious technical concern/problem. However, a break has yet to develop and a move above the 10-11K resistance band would be an important positive technical development establishing a higher high and increase the likelihood BTC is resuming its longer-term uptrend.
Another tactical opportunity to accumulate developing
Another short-term low is likely developing following BTC’s pullback from a resistance band coinciding with 50-62% retracements of its 2H 2019 declines. The February pullback is now showing evidence of bottoming at the upper end of the 8.1-8.4K support band which coincides with 50% retracement of the December-February decline. Daily RSI is suitably oversold to support increasing exposure.
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