Will BTC Bounce at 6900?
Updated
Here's an idea I am publishing to keep a record. I am not trading this.
There is an upwards trend line for the previous two lows. The RSI is getting oversold and the EFI momentum may flip if it crosses over. The combination of the trend line, RSI oversold, EFI flip and a nice candle stick pattern might coincide with a bounce at about 6900.
If there is a bounce, it might only make it to the 50 week moving average and first fib. Or if buyers really show up and we break through the top of the triangle, the 200 day MA and 30 week MA could be to much resistance and reverse the price at about 10k.
If there is no bounce, we could be looking towards 4.9k as predicted by the perma bears.
There is an upwards trend line for the previous two lows. The RSI is getting oversold and the EFI momentum may flip if it crosses over. The combination of the trend line, RSI oversold, EFI flip and a nice candle stick pattern might coincide with a bounce at about 6900.
If there is a bounce, it might only make it to the 50 week moving average and first fib. Or if buyers really show up and we break through the top of the triangle, the 200 day MA and 30 week MA could be to much resistance and reverse the price at about 10k.
If there is no bounce, we could be looking towards 4.9k as predicted by the perma bears.
Note
We bounced at 7000, earlier that I expected. We haven't had a cross over on the EFI yet. This means not a lot of momentum to the upside yet.
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.