Weekly chart has me a bit more cautious as 5 SMA is now sharp down and there is a gap to fill on the CME chart around 8400.
BTC weekly chart has me looking for another leg down. Weekly 5 SMA now pointing sharp down and acts as key resistance. This tells me weekly consolidation is under way and has me looking to the mid BB for a level of strong support. This also aligns with the key levels (purple lines) and weekly cloud top. Another leg down should have the MACD lines very tight and RSI closer to 50. Both are allow for better long term entries. Monthly chart 5 SMA is also sharp up at 7900. If 9100 breaks, will look for weekly support in the 8400-7900 zone.
BTC weekly chart has me looking for another leg down. Weekly 5 SMA now pointing sharp down and acts as key resistance. This tells me weekly consolidation is under way and has me looking to the mid BB for a level of strong support. This also aligns with the key levels (purple lines) and weekly cloud top. Another leg down should have the MACD lines very tight and RSI closer to 50. Both are allow for better long term entries. Monthly chart 5 SMA is also sharp up at 7900. If 9100 breaks, will look for weekly support in the 8400-7900 zone.