As seen by both daily and a 3D crypto Ichimoku cloud (values doubled for the nature of the fast moving cryptocurrencies) the first major support is actually here around 8600 level, as opposed to 8130 called by others.
It is an important recognition, and the length of time we spent relatively flat, visible on the 4H chart, suggests to me that consolidation into another wave up is taking place. At this point, most of the fundamental indicators like RSI or MACD are in the overbought territory. By not pulling down any further from the local high at ~9170, the passage of time, well into 20+ flat bars on 4H, will only exhibit strength of bulls' hands. This will lead the bears to slowly convert into buyers themselves after recognizing the level of support found locally at the present price.
While nothing goes up forever without making corrections, I wouldn't be worried about the "health" of another continuation wave up from here, based on the 3D chart.
It is an important recognition, and the length of time we spent relatively flat, visible on the 4H chart, suggests to me that consolidation into another wave up is taking place. At this point, most of the fundamental indicators like RSI or MACD are in the overbought territory. By not pulling down any further from the local high at ~9170, the passage of time, well into 20+ flat bars on 4H, will only exhibit strength of bulls' hands. This will lead the bears to slowly convert into buyers themselves after recognizing the level of support found locally at the present price.
While nothing goes up forever without making corrections, I wouldn't be worried about the "health" of another continuation wave up from here, based on the 3D chart.
Comment:
As long as ~$7700 level holds, I will be watching for the huge inverse H&S and the amazing year for BTC in the development.