BTC Update Friday 23rd August. Market Looking a little ‘Toppy’ again…

The market has done it’s damnedest to punch through resistance at $125 this week but no joy thus far and it is looks as though we could be running out of motive power.This is how it looks on a chart:In technical terms, what we have witnessed over the last week is a classic, ‘Spike and Channel’ formation.First we have the spike, then a retracement, which forms the basis of narrow trending channel.  Rob @ BitScan

If this channel fails the most likely scenario is a fall back to the channel’s trigger price, of around $117, in search of new buyers.  There will be buy orders down here and if they are sufficient to reverse the order-flow, this could form the launch pad for another assault on the recent highs and beyond.So, what to do…?

Investors and longer term swing traders might also look to add-on in this area, safe in the knowledge that the current bullish context will not be seriously questioned until or unless we trade back through $112 on real energy.

Happy trading and have a great weekend, when it arrives for you.

  • BTC Update Friday 23rd August. Market Looking a little ‘Toppy’ again…(harounkola.com) The market has done it’s damnedest to punch through resistance at $125 this week but no joy thus far and it is looks as though we could be running out of motive power.This is how it looks on a chart:In technical terms, what we have witnessed over the last week is a classic, ‘Spike and Channel’ formation.

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