bitcoin weekly still has room to go down, $5500 test
although the social media hype seems to be with the bulls the rallys upwards have looked uncertain and been generally weak.
looking on the weekly chart we can see that there is still room for bitcoin to make some drops.
we have a couple of tests coming up:
$5500 would be a double bottom off a low during last years bullrun.
$5000 would be support from a high during last years bull run
$4500 high and double bottom from last years run.
$3000 ultimate support & double bottom.
will be keeping an eye on the following indicators:
rsi, currently 43, showing there is room to drop yet.
tom de mark still seeking out that 9 low bar
200 ema (purple line) will see where that is when the time comes, at the mo it is suggesting a strong bounce at $5500 but if the weeks go on and the price comes down could seek a lower number.
basically if rsi = 30, td = 9 and ema = 200 then boom-shack-a-lacka off we go! question next will be how far as i do believe lower lows will be sought.
note: off chart also looking at bbands and ichi cloud too.
looking on the weekly chart we can see that there is still room for bitcoin to make some drops.
we have a couple of tests coming up:
$5500 would be a double bottom off a low during last years bullrun.
$5000 would be support from a high during last years bull run
$4500 high and double bottom from last years run.
$3000 ultimate support & double bottom.
will be keeping an eye on the following indicators:
rsi, currently 43, showing there is room to drop yet.
tom de mark still seeking out that 9 low bar
200 ema (purple line) will see where that is when the time comes, at the mo it is suggesting a strong bounce at $5500 but if the weeks go on and the price comes down could seek a lower number.
basically if rsi = 30, td = 9 and ema = 200 then boom-shack-a-lacka off we go! question next will be how far as i do believe lower lows will be sought.
note: off chart also looking at bbands and ichi cloud too.
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