BTC faced quite a rejection at 9100 sending prices down to as low as 7900 but it is not without a fight back from the bulls! Bulls are defending the 8k territory. VP suggests BTC to have been building alot of support at 8k over the last 2 weeks. HOWEVER if that support fails, then we can see blood among our streets. Below 8k we have our 26 EMA in purple for our next line of defense sitting at 7500, a weaker support. We have another smaller HVN on our VP at 7000 and that seems to be the last stand before a freefall to 6k.
As for my prediction, I believe our 8k support will hold, but for how much longer I am not certain. I think we can go back to retest above 9k again, but if BTC gets rejected at that level, then a double top will have formed. There is also a bearish Volume and RSI divergence that I am looking out for.
Our 4hr chart shows below that whenever BTC is in an uptrend when it's above the 50 SMA(green line) so we need to go back above it, failing to do so will signal a loss of momentum. So far the 50 SMA has been tested multiple times in the past with the bulls winning. Bulls have been killing the market lately, this drawback will be another test of strength for the bulls. Will we pass above the 50 SMA on our 4hr chart and continue our uptrend? or will our 8k support fail?
As for my prediction, I believe our 8k support will hold, but for how much longer I am not certain. I think we can go back to retest above 9k again, but if BTC gets rejected at that level, then a double top will have formed. There is also a bearish Volume and RSI divergence that I am looking out for.
Our 4hr chart shows below that whenever BTC is in an uptrend when it's above the 50 SMA(green line) so we need to go back above it, failing to do so will signal a loss of momentum. So far the 50 SMA has been tested multiple times in the past with the bulls winning. Bulls have been killing the market lately, this drawback will be another test of strength for the bulls. Will we pass above the 50 SMA on our 4hr chart and continue our uptrend? or will our 8k support fail?
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.
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.