After all the AI related FUD across all markets we need to reexamine where the crypto markets are with the current trend.
Looking at the short term 2H we would like to see price rebound from this level. On our 2H rsi I have drawn green circles around the previous time strength has shown up off this level propelling price upwards.
If we do see a rebound here it is very important to watch our old support trendline. Depending on what time we would test it, BTC's price could be between $103.5-$104.5. If we see a rejection from that level (old support becoming new resistance) then we could expect a deeper correction across the board.
But if we are to reclaim the triangle and reclaim that support level, this downside move will just become a liquidity grab before the $108k level is broken through.
Looking at the short term 2H we would like to see price rebound from this level. On our 2H rsi I have drawn green circles around the previous time strength has shown up off this level propelling price upwards.
If we do see a rebound here it is very important to watch our old support trendline. Depending on what time we would test it, BTC's price could be between $103.5-$104.5. If we see a rejection from that level (old support becoming new resistance) then we could expect a deeper correction across the board.
But if we are to reclaim the triangle and reclaim that support level, this downside move will just become a liquidity grab before the $108k level is broken through.
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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.
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.