Bitcoin remains constructive above 30K

BTCUSD remains stubbornly well bid in the aftermath of last week's sell off.

Following a lower high on Thursday, sellers had a clear opportunity to push price lower going into the weekend but were unable to capitalise on this development, with pair finding willing buyers at 34500:

We're now trading sideways in a triangle and likely just consolidating before the next run higher, however this week's lows above 30500 need to remain in tact.

A break below 30500 would mean a confirmed double top and likely lead to a more significant correction.

Our BeatingBitcoin strategy remains long from 19K and is now bullish again as we're trading back above the slow moving average, currently 36000.

Things are getting a little tight there and we may get a take profit signal if this sideways action drags on for much longer.

Good luck out there!

Posted Using LeoFinance ^Beta