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Bitcoin Dilemma is a Bounce Higher but No Extension Rally – Fundtrat

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  • BTC remains at the interesting technical crossroad of showing early evidence of bottoming at important support band between 6.5-7K that coincides with multiple technical support metrics (see below) but is also unable to sustain a rally above any resistance defined by previous trading range lows. 
    In short, the backdrop remains in place for a meaningful intermediate-term low but the weak to week price action remains soggy as bounces lack follow through leaving BTC contained with its 2H 2019 downtrend. 
  • Another pop and drop – 7096 support now in focus – Again today (12/4) BTC attempted to rally above 7.7K but, which if successful, would have been a noteworthy near-term technical improvement (trend reversal) and raise the odds BTC could rally back toward 9K resistance. Unfortunately, today’s bounce promptly reversed late afternoon and is now at risk of breaking important short-term trading support at 7096. A move below 7096 would signal a move toward support at 6847 with next support at 6.5K.
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