Price: ~$11,700
24HR:
For the second time in two weeks (1st time, 1-20), BTC was able to open & close fully inside the cloud. Further, BTC also retested & bounced from the bottom of the cloud in the start of the day, better seen as the Tenkan in the 12HR below. Finally, the Tenkan is leveling off & starting to flatten as described the other day. Now that price has open & closed inside the cloud, the next test will be if it can sustain itself inside the cloud for more than a day or if the Tenkan resistance will continue to push it back down.
12HR:
Not much to talk about here, other than to illustrate the retest of 12 HR Tenkan (bottom of 24HR cloud) for support as discussed above.
Weekly:
On the weekly close, BTC managed to pull off a pin bar candlestick pattern bounce on the Kijun, which can be indicative of a reversal. However, the Tenkan is beginning to rise & can become resistance if price is unable to keep up with it. Definitely something to be keeping an eye on in the weeks ahead.
Prognosis:
Overall an important week ahead for BTC, things to be on the lookout for are:
• Price staying inside the daily cloud.
• Price staying above & pushing past the weekly Tenkan.
If price is able to manage both of those, the bulls are back and ready to charge. If not though, there will likely be continued sideways. In the event of sideways action, the weekly Kijun will be relayed on for support & the Tenkan will eventually become resistance.
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