As expected the weekend saw very slow movements within the crypto currency market, with prices ranging between $8,060 - $8,310. Price consolidated mainly around this area for the majority of last week, unable to breakout of this range and continue its movement. This could be a very good thing, as consolidation within a strong area can often mean price is slowly gain strength and will eventually breakout, which way is breaks out is still hard to speculate.
When we go down to the 4hr chart we can see the clear consolidation and range that price is ranging within. Late last week price broke to the downside but it was only momentarily, with price being rejected at the $7,800 region and quickly shooting back within the $8,060 - $8,310 range. I wont be actively trading BTC until it clearly breaks this range. If price can break to the upside and close above the major psychological level of $8,600 which i believe it will, we could see price take off towards the $10,000 region.
Hey @stevewakeham, while I see nothing wrong with your TA (quality as always)at this stage I'd say the fundamentals will weight much more than the technicals and we might be at a turning point here. Just my opinion though.
Thank you very much, that means alot! Im mainly a forex trader so i don't tend to focus much of my attention on fundamental aspects but after reading yours and others posts its opening my eyes more to the importance they play in crypto. Thank you!