BitcoinUpdated OKAY BITCOIN, RELAX
Bitcoin has finally broken through a 9k support level, due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:
1. It's just a retracement, market will resume bullish from 7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps 5k & under.
The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
1. It's just a retracement, market will resume bullish from 7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps 5k & under.
The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
Note
So far BTC is in line with the first point, pushing down to the 7k mark.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.