The worst case scenario for BTC is that it falls or test to the 200 MA on the 4 hr chart, which would put us at around 7925. Watch this in the next 7 days! This would be a drop of about 11% which would be a normal drop! Nevertheless, Showing signs that the bulls are loosing and bears starting to take over again! Regardless of the type (reversal or continuation), rising are and that concerns me overall for crypto!
On the positive side, if BTC were to rebound, then it would have to break the stubborn $9500 resistance which it has failed to break for quite a few days now! Right now the OBV is flat lined and we would need to see the OBV, indicator start to rise and steadily climb to break 9500.
Considering that market confidence has strongly returned and putting us at $410,995,771,862 total market cap, BTC is looking extremely SLUGGISH and FAILING to perform in parallel with the 410 billion higher market cap we have received in total these last 6 weeks alone! This is starting to alarm me! If BTC does not hold above the 50 day MA on the 1 day chart at about $8000, this will cause massive sell offs causing BTC to go back in bear mode for a while! Market cap will instantly shrink and we will be back to 250 billion or much LESS total market cap ranges!
For now, there is a small possibility that BTC will hold between 8800-9200 range with hopes of restored momentum and positive upside price action!
But stay on alert, since this overall is not really looking that promising for the BTC market bulls! Perhaps, Magic poop cannon has been right all this time!
PS: This is not financial advice and only for education purposes. Perform your own TA!
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