Price failed to create upward momentum on the back of a Bullish MACD crossing and has fallen back towards the low from Jan 17 at 9222. Today has this far seen indecision which is shown as a doji candle (not closed). If we draw the fib levels from the beginning of the ascending trendline Sep 15 we see that price is trading just above the 61,8 fib support at 9410, a level which has already been tested and held support. This fib level along with the trendline and Monthly S1/Weekly S2 creates a solid support zone 8950-9400.
Despite all the doom and gloom, even from established technical analysts, if we put all that aside, and look at price action from a monthly perspective, we see how Bitcoin started the month well above the R1 pivot and hasn't yet tested the S1. So there is nothing unnatural, from a bullish perspective about were price stands now. S1 should hold support in an uptrend, and so it has and likely will, if we don't see a dump during the last hours of the month.
From a weekly perspective, the situation is more bearish however, as price has cut below the Weekly S1. Bulls would like to see price get back above this level, 10400, on a close, to relieve some downside pressure. The 11800 resistance is above that. Perhaps it would clarify things if we saw a wash and rinse of the 9000 level and chances are we will too. Bulls do not want to see a large red candle cutting through this level and close below 9000. That will shift focus to the next support level around 7500. The new Monthly pivots will also have to be considered when they arrive. The MACD knot also warns of more downside which is important to note.
Hi, tks for the update. I also released my position yesterday, lost, waiting for a major setback as an attempt to recover.
Are you likely to break the support of $9,6k on the way to 8.5k? I already bounced twice on that value.
The market is still bearish and with some indecision it seems to me. Very susceptible to bad news.
Are you likely to break the support of $9,6k on the way to 8.5k? I already bounced twice on that value.
The market is still bearish and with some indecision it seems to me. Very susceptible to bad news.