BTC to 8.5k support before 11.7K retest?
Updated
Here we have a BTC chart on 4hr time frame. It can be seen that the market is testing a resistance zone of 9600-9800. This is also the .382 of the last bearish leg down to 8.3k.
If this move fails to break this resistance , we could see a retrace to the nearest supports of 8.6k and if that fails to hold, a bearish flag breakout to lower support area could materialize.
All indicators are pointing to a pull back.
This are just my thoughts , not a trading advice. Good luck and stay profitable.
If this move fails to break this resistance , we could see a retrace to the nearest supports of 8.6k and if that fails to hold, a bearish flag breakout to lower support area could materialize.
All indicators are pointing to a pull back.
This are just my thoughts , not a trading advice. Good luck and stay profitable.
Note
The pair failed to consolidate the breakout above the resistance zone of 9600-9800. A retrace towards the 8500-8700 support zone is in play.Note
After the expected retrace, the support zone of 8700 seems to be holding well. The pair could go sideways for a bit and turn up higher. In a broader perspective, as long as the pair holds above the previous low 8329, it has a potential to form a higher low and retest 9600-9800 resistance and possibly the 10.4k which is also the. 618 of the last swing low.Note
We have convincingly broken-down through the bear flag. Moving to the next support at 6700 ( Red arrow).
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