BTC looking bearish, broke through the Ichimoku Clouds on the hourly. Still room to drop more, as the Daily chart is not yet completely oversold. Not much support on the way down to $10,200. The $10,200 level would be a perfect place to look for a major bounce or reversal. At that level we have previous support from the 25th of last month and the 61% Fibonoci Retracement lines up perfect with that same $10,200 mark. If we get that low and are in oversold conditions at that time I would expect a bullish move back up.
Note
Bouncing off of crazy low RSI on the 1hr chart right now, we will see how this plays out.
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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.