Daily Coffee Shop Technical Analysis - BTC (22 Feb 18)

Green tea (nah, just kidding, double espresso)

!Warning - This is not Financial advice: Do not trade or invest based on this analysis!

Following yesterday's post (here) the BTC price has pulled back some and broken (invalidated) the steepest rising support trendline. However there are a couple of other ways to draw that rising support (see screengrab) which BTC currently appears to be respecting.

The on-balance-volume indicator also pulled back, indicating some short term net selling, but has not broken down and continues an upward move, supporting a strengthening BTC.

Price is also trading above the daily pivot, therefore the bullish case is favored over the bearing case for today.

There is significant overhead resistance at $11,700, which needs to be broken through (making a short-term higher high) which could establish a bull run.

Over the next couple of days, expect another test of this overhead resistance and either a bounce back to the rising trendline or a breakthrough.

Note - if on the break there is no up tick in volume or there is an immediate rejection candle (i.e. long upper wick), this could presage a reversal and breakdown. A full-bodied green candle closing above $11,700 would support the bull case.

Although, it could all change tomorrow.

Cheers,

Bobby.