Hey everyone, decent rally yesterday after Draghi's comments re: Bitcoin falling way outside of ECB mandate.
BTCUSD finished the day higher at 3930, taking out trend-line resistance connecting the record high to the lower high carved in early September. I said previously to be wary of false breaks of this line as it's incredibly steep, but pair pulled back to test today and has since bounced:
We're currently trading at 3950, just shy of yesterday's high of 3977. I'd like to see that go today and a test of last week's highs above 4100. A break above 4100 would target 4400, followed by major resistance in the 4660-5000 zone, marked by the all time highs.
Short term remains bullish above today's lows around 3840 and bigger picture below last week's lows around 3500. A break below 3500 would turn me neutral on this pair and likely signal a period of prolonged side-ways trade.
UPDATE: BTCUSD just took out yesterday's highs, opening the path to test of 4100
Team Aus footer by the amazing @bearone
This post was brought to you by @msp-creativebot