Right now, BTC is looking for support at the ~$8,400 level.
RSI is healthy for 1, 2 and 4 hour charts
MACD trending positive for 2 and 4 hour charts, but seems to be crossing in a negative direction currently for the 1 hour. This may suggest that we will not find long term support at the $8,400 level. This could easily change, though, as the bears and bulls battle it out.
If we have and hold support, I believe we will head North towards the healthy growth channel (in green), with the chance to hit next resistance at ~$9,400.
If we do not have/hold support, We have a chance to drop again following the downward channel, hitting our prior resistance of ~$5,500 as a new support.
RSI is healthy for 1, 2 and 4 hour charts
MACD trending positive for 2 and 4 hour charts, but seems to be crossing in a negative direction currently for the 1 hour. This may suggest that we will not find long term support at the $8,400 level. This could easily change, though, as the bears and bulls battle it out.
If we have and hold support, I believe we will head North towards the healthy growth channel (in green), with the chance to hit next resistance at ~$9,400.
If we do not have/hold support, We have a chance to drop again following the downward channel, hitting our prior resistance of ~$5,500 as a new support.
