BTC Decreasing Volume, RSI Neutral, Cool-off & Support 7200
Looking at the Daily TA we can see that after a phenomenal crypto rally BTC & others are starting its cool-off / retest support. Here are a few quick bullet points on my analysis:
So my goal is to setup an alert around 7253.1 and 6963.5 I would try and rebuy at around these levels if the TA indicators are looking good. Im confident we will see a bounce at 50 MA and around 40 RSI.
The only indicator I'm seeing for it to keep going up is the daily hammer candle, BTC could see a bounce today, but the majority of indicators are showing that this week we will go down and retest support.
Learn. Analyze and Execute. - Malfury
- BTC is showing decreasing volume.
- Touched the long term 50% fib level (8735.40) broken it which is good but shortly after fell below it this is a big resistance.
- RSI has broken below and confirmed resistance in the long term trend line. It has entered Neutral territory (45-55 RSI).
- MACD & Stochastic both pointing down as sellers (bears) are taking control.
- Strong suppot is around 7253.1 to 6963.5 that is where the 50-day moving average is.
So my goal is to setup an alert around 7253.1 and 6963.5 I would try and rebuy at around these levels if the TA indicators are looking good. Im confident we will see a bounce at 50 MA and around 40 RSI.
The only indicator I'm seeing for it to keep going up is the daily hammer candle, BTC could see a bounce today, but the majority of indicators are showing that this week we will go down and retest support.
Learn. Analyze and Execute. - Malfury
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