Bitcoin’s bounce have once again failed to generate momentum disappointing many over the, thus far lack of rally following the recent bitcoin halving. In theory bitcoin halving should have an inflationary effect on prices as it makes generating bitcoins that much harder reducing production but it is also true that historically the effect is not actually immediate.
Resistance
- 65489 – Monday Doji High
- 64376 – Intraday Consolidation Resistance
- 62682 – Intraday Double Top Breakout Point
Support
- 59662 – Previous Intraday Resistances
- 56470 – Swing Lows
- 52993 – Previous Daily Consolidation Resistances
The break of our bear channel in bitcoin saw spinning tops in the daily charts for Monday and Tuesday underscoring a lack of momentum. This to us suggests we are keeping a pattern of lower highs and lower lows even if the fancy trend lines have been violated. Note too this is consistent with us being at the daily moving averages which recently saw a dead cross. Moving intraday we are in the process of triggering a double top in 4H charts with a close below the breakout point to us suggesting its time to short.
