BTCUSD Daily Cloud Analysis

BTCUSD

The first thing I'd like to look at is a long-term downtrend being broken and successfully retested in On Balance Volume, indicating volume will have less resistance in the coming weeks. As you can see, We were rejected at the daily cloud. (I'm using 20,60,120,30 settings) I am looking for a retest of the KS at $7200 for a potential bounce, and a daily close inside the cloud for an edge to edge trade opportunity. The breakout could happen anywhere in the 7800-8600 level, assuming volume holds strong enough to push through. My guess would be a short term rejection at 7800, as It seems unlikely to me we break through the cloud immediately. The cloud is beginning to converge again like it did in early June, however this time the price is holding above the TK and KS. If this continues, it's likely the cloud will turn bullish.






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Bitcoin failed to close for the day above 7500, so it's unlikely we make another run up quite yet. I'm now looking at a 7050-7200 range for a potential bounce, but until then i'm not trading. If btc manages to bounce before a retrace i'll potentially look for a short around and 7650-7720.