BTC Headed for Support Tests
After a break of short term resistance with no follow through, we are heading back down to test recent daily supports. If these levels hold we will remain in a tightening range for the week. This could be a bullish scenario for some alt coins as sideways bitcoin allows for altcoins to trade on their own without significant correlations.
If support breaks we will be looking down to 9k and daily oversold RSI conditions. Monthly consolidation looking for a higher low could be the end result if bears get follow through. Watching volume as we will need significant bear volume to break the 5 support we have from previous price action above 9k.
Still not actively trading this range and waiting for short term clarity. After the weak breakout attempt I would rather be a bear than a bull if forced to have a position in this current range.
If support breaks we will be looking down to 9k and daily oversold RSI conditions. Monthly consolidation looking for a higher low could be the end result if bears get follow through. Watching volume as we will need significant bear volume to break the 5 support we have from previous price action above 9k.
Still not actively trading this range and waiting for short term clarity. After the weak breakout attempt I would rather be a bear than a bull if forced to have a position in this current range.
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Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
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.