BTC Update!
Quick chart updates.
First - weekly still well within our equilibrium pattern. Likely staying there a few more weeks.
Daily chart - it's been a slow grind off the bottom at $7058. Shaping up for a possible daily equilibrium pattern currently. Original high I've been watching for a few days now was $7,777. Bulls came within $30 of it ($7,747) so ends up being a lower high. Higher low to hold is down at $7,355. Will keep a pretty close watch on daily chart and bulls certainly want that bull break to get above the $7747 and $7777 levels to try again to break above the 50 week moving average.
Ideal scenario to me for bulls is get the daily higher high and create a bull break. This would give me enough confirmation that $7058 is our weekly higher low. And then would want bulls to get back above 50 week MA to turn that back into support but quite a bit of work to do that still.
Bearish scenario. We break the daily bearish and fall below $7355 and re-test our bottom of triangle. Or we do get a daily bull break and reject at 50 week MA again and come right back down.
