Updated

BTC signs of a short term reversal

The 6600 range has been proven to be a strong support. As we can see, lots of long candle shadows here, which means the bears had many attempts to push the price down but most of the time it bounce back up pretty fast.

Bullish divergence also appeared on RSI. First BTC needs to get through the minor resistance range at 6876 - a previous support that turned into resistance. If BTC can manage to push through this, then it will face a bigger challenge at 7254~7345 range - also a previous support that turned into resistance. This resistance is also the neckline of the double bottom pattern, so hopefully BTC can clear this, then we might head to 77xx range.

Note

72xx range was indeed a strong resistance as expected, it bounced back hard when it's hit, but we're now having another attempt to break through it. If BTC can manage to break through it, it will also break the long downtrend line which started from March at 11729 and open a chance for a new uptrend.

Note

Still having a bullish reversal pattern on RSI

Note

Also, the minor resistance at 6876 that I have mentioned has become the new support :)

kwiz

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kwiz

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