BTC is about to tip over temporarily before rallying again.
Updated
Pretty self explanatory.
We have a weak rsi with upwards price action which is a definite indicator of bearishness, and our 200 EMA resting at 4600 right along out 50% fib.
We either will bounce there at 4600 ish or continue downard to test previous support.
Short and sweet.
We have a weak rsi with upwards price action which is a definite indicator of bearishness, and our 200 EMA resting at 4600 right along out 50% fib.
We either will bounce there at 4600 ish or continue downard to test previous support.
Short and sweet.
Note
Surprisingly despite the bearish divergences we saw previously, price continued upwards and gained a bit more momentum to reach a high of 5450. Price has pulled back to 5000 and now we sit at an interesting point. On the 1hr chart we sit on the 200 EMA at 5025, however going back to my previous comment, if we break below 5000 then our next stop could be the 50% fib at 4800 and if we break that then we will see ourselves at 4600 for a great re-entry.
An interesting point of note here is that we have almost zero support between 4600 and 4200. If we drop below 4600 we could see a mass selloff to the 4200 point before we bounce, but given the bullish momentum we've seen so far, I highly doubt that will happen. Just something to watch for.
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