Bitcoin's drawback options
Updated
Bitcoin has made a great push but is a little over extended now. BTC needs to check back before continuing much more forward momentum.
MACD is headed downwards, RSI is topped out, and NVT is at the highest levels BTC has seen. The Ichimoku cloud shows BTC headed back to retest the cloud (IMO).
#1: First BTC is looking to check back to the 7200 range from here will be the first look at if BTC wants to make another swing up.
#2: However, if bitcoin doesn't rebound we could likely see bitcoin drop back to #1 for its support check (read more below).
If #2 does happen we could see some small support at 6650 has this is developing from the 4H Ichimoku cloud. Also, drawing back to #2 does not mean we are headed back to the depths. This test could be a healthy check to ensure the market has decided to keep moving ahead as if this level is not held a lot of momentum will be lost.
Thanks for reading.
Tell me what you think below and please leave a like.
MACD is headed downwards, RSI is topped out, and NVT is at the highest levels BTC has seen. The Ichimoku cloud shows BTC headed back to retest the cloud (IMO).
#1: First BTC is looking to check back to the 7200 range from here will be the first look at if BTC wants to make another swing up.
#2: However, if bitcoin doesn't rebound we could likely see bitcoin drop back to #1 for its support check (read more below).
If #2 does happen we could see some small support at 6650 has this is developing from the 4H Ichimoku cloud. Also, drawing back to #2 does not mean we are headed back to the depths. This test could be a healthy check to ensure the market has decided to keep moving ahead as if this level is not held a lot of momentum will be lost.
Thanks for reading.
Tell me what you think below and please leave a like.
Note
#1 has played out perfectly. It seems like bitcoin could continue to drop down farther to the 6650 support but it really depends on how this holds out. Will update as I watch.
Note
Likely to test 6650 in the coming days. Bottom of cloud should be tested before any more movements. It looks as if BTC will continue downwards unless it can pick up momentum and break 7600 range.
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