BTC continues it's stumble through seeming panic-selling. Interestingly, it danced around my initial target. I'm proud of being so close to being on point for a newb, it's like BTC new... or I was terribly lucky.
Siding with the latter.
Anywho, up ahead is a crossraods; previous support @~8741 & the very strong support @8500, with the 38.2% Retracement in between AND the 1200EMA on the 4 hour chart.
Now again, I'm no professional, I am still a novice -- BUT -- that is a HELL of a lot of support. I would be very surprised if there wasn't a violent backlash from the bulls down there. We are seeing a lot of failing trust in BTC after that harsh rejection at the 10k level. I get the feeling that the 8500 will not be able to hold. I'm predicting a strong initial rebound, with the eventual fail of the 1200 EMA after a long, drawn out battle between the bears/bulls.
Take my words with a grain of salt.
Siding with the latter.
Anywho, up ahead is a crossraods; previous support @~8741 & the very strong support @8500, with the 38.2% Retracement in between AND the 1200EMA on the 4 hour chart.
Now again, I'm no professional, I am still a novice -- BUT -- that is a HELL of a lot of support. I would be very surprised if there wasn't a violent backlash from the bulls down there. We are seeing a lot of failing trust in BTC after that harsh rejection at the 10k level. I get the feeling that the 8500 will not be able to hold. I'm predicting a strong initial rebound, with the eventual fail of the 1200 EMA after a long, drawn out battle between the bears/bulls.
Take my words with a grain of salt.
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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.