As of now the price came really close to 200MA, it also coincides with the high volume trade area thus a strong resistance.
When you look at the bottom indicators Stoch, MFI is at overbought levels and RSI is close to overbought.
We also have an MACD divergence appeared here. I'm thinking it will send a needle to 200MA and then any sell of from there will break that rising wedge downwards.
It's hard to guess the magnitude of that sell so I put a possible support line at 34k. If it holds it might spring back up from there, if not it will continue diving.
When you look at the bottom indicators Stoch, MFI is at overbought levels and RSI is close to overbought.
We also have an MACD divergence appeared here. I'm thinking it will send a needle to 200MA and then any sell of from there will break that rising wedge downwards.
It's hard to guess the magnitude of that sell so I put a possible support line at 34k. If it holds it might spring back up from there, if not it will continue diving.
Note
I'd also like to share the Bitfinex chart as it's a little different there.It showed another diverge for On balance Volume. If you look at the OBV at the bottom the volume is actually lower than the previous top adding to another pressure on the price.
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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.