The fight between the bulls & the bears begins....
BTC breakdown
Resistance at 7.7k as I had told a few days ago in fact. Expect a retracement to 7,613$ at least - This is the downline of the channel. This journey is shown by the green arrow. However, I feel we could smash through the bottom line of the channel and achieve lows at 7.5k. Here RSI should meet our golden 48 number and this will act as support for BTC to reach highs of 8.2k!
Resistance from the bears should peak at 8k.
Ok, we are basically looking for a buying opportunity into a move we had already predicted at least a week ago. Never the less, All round we can see huge bearish signs at current price level - Especially RSI indicator being hugely oversold and at a level which it usually rejects - 64 RSI.
Moreover, other indicators such as CCI (commodity channel index) In oversold regions, as well as the DMI indicator showing bearish convergence on the 4 hour but bullish convergence taking place on the 1 day chart. Hence, why in my analysis I have indicated that I do expect a short term decline before a jump up to 8.2k. Moreover, I see this decline happening asap as DMI and CCI indicators more bearish on smaller timeframes such as 1HR.
Happy trading!
Resistance at 7.7k as I had told a few days ago in fact. Expect a retracement to 7,613$ at least - This is the downline of the channel. This journey is shown by the green arrow. However, I feel we could smash through the bottom line of the channel and achieve lows at 7.5k. Here RSI should meet our golden 48 number and this will act as support for BTC to reach highs of 8.2k!
Resistance from the bears should peak at 8k.
Ok, we are basically looking for a buying opportunity into a move we had already predicted at least a week ago. Never the less, All round we can see huge bearish signs at current price level - Especially RSI indicator being hugely oversold and at a level which it usually rejects - 64 RSI.
Moreover, other indicators such as CCI (commodity channel index) In oversold regions, as well as the DMI indicator showing bearish convergence on the 4 hour but bullish convergence taking place on the 1 day chart. Hence, why in my analysis I have indicated that I do expect a short term decline before a jump up to 8.2k. Moreover, I see this decline happening asap as DMI and CCI indicators more bearish on smaller timeframes such as 1HR.
Happy trading!
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