MagicPoopCannon

Bulls vs Bears in Bitcoin!

BITSTAMP:BTCUSD   Bitcoin / Dollar
521 1 10
Bitcoin             is posting mixed signals on the chart, as the battle between the bulls and the bears rages on. After creating a huge head and shoulders pattern, and losing the critical 50 and 200 period exponential moving averages, BTC             morphed into an inverse head and shoulders , regained the moving averages, and is currently breaking out to the upside of the symmetrical triangle that it's been trading in. We can also see that there has been a spike in buy-side volume , which adds conviction to the breakout. Also, the MACD has broken above the zero line, which is typically a short term buy signal. The tides appear to be turing, in favor of the bulls. However, we still need to see higher highs, and a sustained rally. A dip back below the 50 EMA and the 200 EMA , would signal a failed breakout. On the upside, the next major overhead resistance is near $16,500.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
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